BTCUSD: Bullish break out or bearish rejection time.

Bitcoin is on critical crossroads as the 1D Channel Down is about to break its 3,800 Lower High (RSI = 54.809, MACD = 0.000) and 4H Resistance. If it breaks (which is more likely on the medium term based on this ) then the price should aim at the 4,200 Resistance. Otherwise it will continue consolidating on a 4H basis within 3,640 - 3,800 until a new break-out opportunity comes close. 3,420 is the downside extension based on the current price action and if 1D ignores the previous bottom then the Channel Down can even print a new Lower Low within 3,100 - 3,200 if the 3,400 support breaks.


Check below our previous study based on the Adam and Eve pattern, which is the primary reason why we think the test of the 4,200 Resistance is more likely at the moment:






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