I think that we will have some relief rally to retest bearish trendline and here are PA options that I see from there
1. Breakout/retest and bull run resumed
2. Reject, form double bottom, breakout of bearish trendline and new bull market
3. Reject, slice through 28-30K directly for retest of previous ATH.
Personally, I believe that 3rd option has most chances to play out. Yeah, I know we never done that, but everything always happens first time and take into account that BTC is correlated with traditional markets now and they are far from bottomed.
So, up for a bit and then down down down.....unless China will make crypto legal again and Tesla accepts BTC again, this is the PA I see at the moment
1. Breakout/retest and bull run resumed
2. Reject, form double bottom, breakout of bearish trendline and new bull market
3. Reject, slice through 28-30K directly for retest of previous ATH.
Personally, I believe that 3rd option has most chances to play out. Yeah, I know we never done that, but everything always happens first time and take into account that BTC is correlated with traditional markets now and they are far from bottomed.
So, up for a bit and then down down down.....unless China will make crypto legal again and Tesla accepts BTC again, this is the PA I see at the moment
Comment:
no relief just dumpfest
