Chart speaks for itself.
Long-term bullish structure is still in play but the bull run is hanging by a thread. Bearish below the long support line, and possible short-term long scenarios pointed out.
Currently at a critical point as BTC is at the bottom of both the long-term upward channel (Yellow) and short-term downward channel (Pink) pointed out in the chart above. With the bullish divergences playing out as well, I would say there is more of an edge towards a bullish move for potentially a high reward play but I will recommend to play close attention to the breaking of this trend. If it breaks below and we get a 4hr candle close below the $9k range that would mean the current trend has been broken and would anticipate lower prices levels at that point.
Just my opinion on the technicals in front of me, trade safely and good luck.
Long-term bullish structure is still in play but the bull run is hanging by a thread. Bearish below the long support line, and possible short-term long scenarios pointed out.
Currently at a critical point as BTC is at the bottom of both the long-term upward channel (Yellow) and short-term downward channel (Pink) pointed out in the chart above. With the bullish divergences playing out as well, I would say there is more of an edge towards a bullish move for potentially a high reward play but I will recommend to play close attention to the breaking of this trend. If it breaks below and we get a 4hr candle close below the $9k range that would mean the current trend has been broken and would anticipate lower prices levels at that point.
Just my opinion on the technicals in front of me, trade safely and good luck.