It seems like Bitcoin is making head and shoulder. As you can see in chart left shoulder and head has formed now for right shoulder confirmation will be again rejection from 53k level.
For short-time: btc can bounce till 53k level with multiple retest of 42k level. (Stop-loss: close below 47k)
For mid-term: If btc close above 53k level and then stable itself we can see some bullish run till 60k+, other scenario is rejection from 53k level and formation of head and shoulder. (close below 42k)
For long-term: If btc close above 53k level with good volume and accumulate itself for 60k+ then we can see another ATH which seems no where in short-term and mid-term. (Key: Weekly close above 60k+ and stoploss: Daily close below 60k)
Do your own research before any kind of investment. If you like my work kindly do like and follow.
For short-time: btc can bounce till 53k level with multiple retest of 42k level. (Stop-loss: close below 47k)
For mid-term: If btc close above 53k level and then stable itself we can see some bullish run till 60k+, other scenario is rejection from 53k level and formation of head and shoulder. (close below 42k)
For long-term: If btc close above 53k level with good volume and accumulate itself for 60k+ then we can see another ATH which seems no where in short-term and mid-term. (Key: Weekly close above 60k+ and stoploss: Daily close below 60k)
Do your own research before any kind of investment. If you like my work kindly do like and follow.
Comment:
Close below 40k will trigger head and shoulder.
Trade closed: target reached
BTC is facing resistance at 51.1k$ right now so tight your stop-losses and trade according to market condition.
If btc reject from here btc can revisit 42k instantly and wait for break of 53k resistance for further confirmations. Till now head and shoulder is on running.
Invalidation of this structure is bullish close above 53k and 57k. Watch your trades carefully.