Following our last analysis on Bitcoin, we were expecting a break or bounce scenario from the $42K level which we pointed out. Price retested that zone perfectly and on it's way lower. The question we need to ask is where will Bitcoin stop?
From a technical standpoint, the 2 areas of interests are $30K level where we had a massive breakout end of January 2021;...
After the initial break of the ascending correction, our altsignals indicator gave us a great short signal on the retest! Next area of interest is 42k level where we can see price previously reacted.
BTCUSD reversed off its resistance at 7563.74 where it could potentially drop further to 6887.99.
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After breaking out 4200, Bitcoin has run amok, reaching $5,400 at the highest level. In scoring such a surge in just two days, the consolidation inevitably takes hold, as some bulls will mostly take profits and leave the market for a while.
Though Bitcoin has pull back from 5400, the bull is able to keep the market float around 5000, and therefore the...
Previously I had thought that a bear flag had formed. However, now it looks like we've broken out of the range upwards. Combined with the bullish TK cross, I think we could see some movement to the upside.
