In this short analysis, we will provide three possible path for the short term future of Bitcoin.
General conditions:
Market fundamentals are good, but we are facing a really strong resistance around 5400$.
Alt markets is not performing well in the last days, signaling weakness.
Technical conditions:
Since the big drop, we are folllowing this uptrend channel that will break in the next few days. Upward or downwards?
We have to say that in the past, when we had this exact configuration, we broke downwards more often..
The three paths:
The most likely one: Most likely BTC will face again the 5400$ resistance, mayba more than once, and maybe also with a fake breakout. After the failed attempt , the bears will take control and push the price around the 5000$ or even 4800$ zone.
The conservative one: We will break the first uptrend channel and find support in the second one. Then proceed upwards and break the big downtrend in the following days. To make this happen, the volume need to be way higher than the actual one.
The bullish one: If the bulls take control, we can see that the uptrend can hold, and the logical consequence will be breaking the 5400$ with violence.
Unfortunately, this is the less probable option.
What do you think it will happen? Let us know in the comments!
General conditions:
Market fundamentals are good, but we are facing a really strong resistance around 5400$.
Alt markets is not performing well in the last days, signaling weakness.
Technical conditions:
Since the big drop, we are folllowing this uptrend channel that will break in the next few days. Upward or downwards?
We have to say that in the past, when we had this exact configuration, we broke downwards more often..
The three paths:
The most likely one: Most likely BTC will face again the 5400$ resistance, mayba more than once, and maybe also with a fake breakout. After the failed attempt , the bears will take control and push the price around the 5000$ or even 4800$ zone.
The conservative one: We will break the first uptrend channel and find support in the second one. Then proceed upwards and break the big downtrend in the following days. To make this happen, the volume need to be way higher than the actual one.
The bullish one: If the bulls take control, we can see that the uptrend can hold, and the logical consequence will be breaking the 5400$ with violence.
Unfortunately, this is the less probable option.
What do you think it will happen? Let us know in the comments!
