My last prediction worked out so well, I thought I'd try again.
After completing the wedge, BTC broke down to support at $34K, then rebounded to test $41K - It's still trading in a huge range.
After two quick tests of $41K, it fell below the new upward trendline. As it bounced off the trendline, $BTC broke 50 on the RSI, but the RSI reversed.
Encountering resistance in the 50 / 60 RSI range is bearish. I anticipate this will trend back toward $34K support, at which time the RSI will show this is oversold, and we'll get a bounce up.
Based on this action, it looks like the bears are still in control. I would be worried we'll lose $34K if there are repeated tests of this support level.
After completing the wedge, BTC broke down to support at $34K, then rebounded to test $41K - It's still trading in a huge range.
After two quick tests of $41K, it fell below the new upward trendline. As it bounced off the trendline, $BTC broke 50 on the RSI, but the RSI reversed.
Encountering resistance in the 50 / 60 RSI range is bearish. I anticipate this will trend back toward $34K support, at which time the RSI will show this is oversold, and we'll get a bounce up.
Based on this action, it looks like the bears are still in control. I would be worried we'll lose $34K if there are repeated tests of this support level.