After a strong sell off during the last two days, it appears that BTC has found itself bouncing off a strong area of support.
If we connect the recent lows and the recent highs, a channel pattern emerges. With some creativity this channel could develop into a bullish wedge formation, but we're still a bit early for that.
Most important is that this channel support held strong and stopped BTC from falling any further. Current outlook for the remainder of the week remains bullish, unless we're going to trade below 48k again, then we might break out from the support and go further down to ~40k.
I've dragged the green arrow outside the channel because I think that this channel will eventually develop into a bullish wedge formation. I'm expecting this formation to be completed in June or July. Gonna be a couple of exciting months for Bitcoin!
Happy trading!
If we connect the recent lows and the recent highs, a channel pattern emerges. With some creativity this channel could develop into a bullish wedge formation, but we're still a bit early for that.
Most important is that this channel support held strong and stopped BTC from falling any further. Current outlook for the remainder of the week remains bullish, unless we're going to trade below 48k again, then we might break out from the support and go further down to ~40k.
I've dragged the green arrow outside the channel because I think that this channel will eventually develop into a bullish wedge formation. I'm expecting this formation to be completed in June or July. Gonna be a couple of exciting months for Bitcoin!
Happy trading!
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