Mehmetwehbe
Bitcoin to visit 60k or to test 49k?We have at the moment to scenarios the green one (1) the path that can lead us to visit the area between 58k-60k
Or the red one (2) the path that can be heading to visit the support area between 49.3k - 51k
I have to mention that the 55.3k level is now acting as a resistance
Bitcoin Path and entries pointsIn my last published idea, I've mentioned that if we lose the 56k zone we will be heading to test the 53k zone and I've already bought my position and I've added some bids at 52k but loosing the 52k zone on the weekly closure will be super bearish for me.
We are still moving in a downtrend since the 69k hitting and BTC lost around 22.5% of its value.
Today covid news and the losses in the American stocks were hard tbh, usually who do daily trades know the coloration between SPX and BTC and the 90% of the crypto market, the fear can always take control; but we will see the weekly closure + where the CME contract will also close.
Bitcoin for short term IdeaA falling wedge has been formed; if it plays well we will see a price action between the wedges and then a break out testing first resistance at 60.3k before testing 62k ( blue path)
But if we get a break out here we will be heading to test the resistance level at 62k ( white path)
A breakdown can lead us to test the support zone between 55k - 56k ( red path)