Two scenarios - 386000 USD or 1000 USD for BNC:BLX by Fox666

Bitcoin is currently at a crossroads and is deciding whether the trend will continue or it is over. At Weekly RSI, we have a threefold divergence. On the daily chart as well. Falling volumes indicate that it is still undecided. For the bullish scenario, we need to see the breakthrough of the trend line on RSI and the high-volume green candle and the creation of a new maximum. For the bearish scenario, we need to see a breakthrough in support and the MA 50 Daily. Why $ 386,000? Because it's 261.8% of wave (a). If we create a new maximum and weekly the candle closes above 161.8% of wave (a), then it cannot be Expanded FLAT and Running FLAT is in play. Wave (c) is then created by the following correction and should be the same as wave (a). This should complete the supercycle.

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Bitcoin broke rising wedge. Today will be extremely important for the next trend. If the week closes as red and under support there will be a bearish scenario in the game. Breaking the invalidation level can be considered a fake breakout.

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It seems that BTC has actually completed the supercycle wave (b). If so, the next move might look like this.

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Ending Diagonal structure 3-3-3-3-3

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Bearish scenario active.

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So far we have lower low and lower high.

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We see in the chart that another lower low has been created.We are now testing the MA21 weekly. This moving average has historically been the strongest support for the bull market. If they don't keep this, we are clearly in the bear market. The bearish scenario only changes the creation of a new all time high.

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Note the correlation between MA21 and support on RSI. 53.54 RSI is a very important level separating bear market from bull market.

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Critical level

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Bear market begins

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Wave 3 completed

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