BTC is currently testing the start of the bear channel where a trading range is likely to form soon. Although the bulls have been strong the past few months, it is likely a buy vacuum test of the bear channel. We will probably start to see two sided trading soon. With this said, the bulls have been strong enough to likely get some form of a second leg up. The bulls will look to form a higher low around the 6000 level, and a large second leg up comparable to this leg. Less likely, the bulls continue to get strong follow through, without a pullback and test the top of the buy climax. If instead the bulls do get a strong breakout above the 12000 high, we could see a test of the all time high where a larger trading range will likely form.
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