DECISIVE WEEK FOR BITCOIN
Updated
Hellllllllllllllllo holders!
What a week!!
Let's see what the chart tries to say:
Bitcoin did jump on the last clear retracement ( 30.000 USD aprox) to the new ATH at 65.000 USD which was pretty savage. On that time, the bullish power has been decreasing, creating a ascending wedge formation.
This formation did end with a bearish breakout of the wedge, ending with a FOMO and speculative momentum.
But, what's next?
On my opinion, we could see a bearish movement to 40K-45k as a normal corrective movement. At this moment, the price has retraced to 38.2% FIBO, respecting the 50k several times.
That could be the start of a new movement to a new ATH (73-87K) according to the fibonacci extension.
Let's see what happens!
Note
After a bearish movement to 50% fibonacci retracement, the price is showing a strong rejection. The last candle, printed the lowest RSI since MARCH 2020, which indicates a possible reverse.
Stay tuned
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