Bitcoin — Levels to Watch And Why 52k Is Possible!

Had so many requests about Bitcoin. That's why I wanted to share the thoughts I already discussed in today's live feed earlier in the morning.

From my POV, Bitcoin's setup is pretty obvious: BTC traded in a bull flag and broke out ~1 month ago. However, up to now, the outbreak has led to a pump. Conversely, BTC has started to trade in a downtrend. Nevertheless, it has respected the upper boundary of the bull flag up to now.

If Bitcoin continues on this path, it will reach the major support area of ~62k in a few days.

And that's when it gets interesting: Either both support lines hold, and BTC starts a fresh pump — or it is about to get hairy.

Here's why: If BTC breaks below the support at 62k, there's actually no additional support above 52k. Therefore, we might see a decline to the lower 50,000 levels.