BTC pivot point @ 48k, breaking trend lines to under 30k
Vertical price push is due for a pull back.
Depth of pull back can develop into a few possible scenarios:
Bearish: pull back leg of the longer term consolidation in the 15k-69k range. Bouncing off the 20k will be neutral vs. under 20k will be bearish, looking to test and break 15k.
Bullish: Bounce off the 48k and dip to ~28k to form an ascending triangle or cup handle before breaking to ~150k
If we push past 48k, next resistance is 55k. I am skeptical about any pre halving push without some kind of easy credit like low interest rates or cash injections.
Lets see how deep this pull back goes.
Depth of pull back can develop into a few possible scenarios:
Bearish: pull back leg of the longer term consolidation in the 15k-69k range. Bouncing off the 20k will be neutral vs. under 20k will be bearish, looking to test and break 15k.
Bullish: Bounce off the 48k and dip to ~28k to form an ascending triangle or cup handle before breaking to ~150k
If we push past 48k, next resistance is 55k. I am skeptical about any pre halving push without some kind of easy credit like low interest rates or cash injections.
Lets see how deep this pull back goes.
Trade closed: target reached:
Currently retesting 48K after the first major pullback.
If this push fails and falls short, only reaching 46k or low 47k, then I would expect a drop in price.
Bull case: Price drops a little to find support at around 40K before trying to test 48k again.
Neutral case: Price drops to find support around 38k-40k, before going up to low 40k and consolidating around 42k
Bear Case: Price drops 38k, and continues to restest before dropping down further. 32k is a key price point. If broken, we should see a further drop under 30k, and finding price ranges to consolidate around 32k before breaking out.
If this push fails and falls short, only reaching 46k or low 47k, then I would expect a drop in price.
Bull case: Price drops a little to find support at around 40K before trying to test 48k again.
Neutral case: Price drops to find support around 38k-40k, before going up to low 40k and consolidating around 42k
Bear Case: Price drops 38k, and continues to restest before dropping down further. 32k is a key price point. If broken, we should see a further drop under 30k, and finding price ranges to consolidate around 32k before breaking out.
Looking for a retest of the 48.2k top.
A retest that falls short (~47.8k for example) would be a good setup for a short position.