First off, I am an amateur chartist and observer and this is my first share, so this is not financial advice.
A couple of scenarios that can play out:
To see a bullish continuation we would need to see a breakout above $58,000, ideally $59,000+ and hold support above the long term trend line, then make another run above $60,000 and beyond
Further bearish downside would include stagnating or drifting below $56,500 and closing another daily candle below that. This will likely send the last corrective wave back down toward a $50,500 retest. if it breaks thru that, we may see $45-48k. This leaves the door open for an overall bearish pattern, or best case, a few months of consolidation. Not pretty.
While I am long-term bullish on BTC as a store of value and "digital gold" of crypto, I do not see any positive signs on the daily or weekly charts. However, this could reverse with some very positive news during earnings calls or elsewhere, much like the breakout was reversed by some very negative (albeit definitively false) news over the weekend. I personally closed all short-term positions over the weekend w a stop loss (thankfully), but remain a long-term hodler.
Happy Trading
A couple of scenarios that can play out:
To see a bullish continuation we would need to see a breakout above $58,000, ideally $59,000+ and hold support above the long term trend line, then make another run above $60,000 and beyond
Further bearish downside would include stagnating or drifting below $56,500 and closing another daily candle below that. This will likely send the last corrective wave back down toward a $50,500 retest. if it breaks thru that, we may see $45-48k. This leaves the door open for an overall bearish pattern, or best case, a few months of consolidation. Not pretty.
While I am long-term bullish on BTC as a store of value and "digital gold" of crypto, I do not see any positive signs on the daily or weekly charts. However, this could reverse with some very positive news during earnings calls or elsewhere, much like the breakout was reversed by some very negative (albeit definitively false) news over the weekend. I personally closed all short-term positions over the weekend w a stop loss (thankfully), but remain a long-term hodler.
Happy Trading