Bitcoin is retracing after making an ATH @ 65087.
The MACD indicator shows bearish divergence.
If price closes below 59800 and breaks back inside
of the wedge formed by the ascending trendline and
the green resistance level around 60 000, we may
see a sell off and continuation to the downside. If
the trendline is broken we may see a deeper move
maybe all the way down to the monthly pivot point
@ 54850 which is still untested.
If price holds above the green line and next close
above the bullflag (descending channel) we are
likely to see a continuation to the upside, with a
retest of the ATH and further move to the target of
the ascending wedge around 69 000.
Zooming out, as long as price holds above the
55620 bias is to the upside.
Trend will only shift if we see a close inside the
Kumo Cloud (if one focus on this system).
The MACD indicator shows bearish divergence.
If price closes below 59800 and breaks back inside
of the wedge formed by the ascending trendline and
the green resistance level around 60 000, we may
see a sell off and continuation to the downside. If
the trendline is broken we may see a deeper move
maybe all the way down to the monthly pivot point
@ 54850 which is still untested.
If price holds above the green line and next close
above the bullflag (descending channel) we are
likely to see a continuation to the upside, with a
retest of the ATH and further move to the target of
the ascending wedge around 69 000.
Zooming out, as long as price holds above the
55620 bias is to the upside.
Trend will only shift if we see a close inside the
Kumo Cloud (if one focus on this system).