Bitcoin was correcting a little higher since last week like forecasted here:
However, the rally looks to me not convincing enough for a next move higher. I think that this rally will get sold again sooner or later. Also, the trendline from the peak is still holding. Even when Bitcoin breaks that trendline higher, next support level will be at 7920, where it should get weak again. I have drawn you the possibilities I am looking at in the chart above.
Hope this helps
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
However, the rally looks to me not convincing enough for a next move higher. I think that this rally will get sold again sooner or later. Also, the trendline from the peak is still holding. Even when Bitcoin breaks that trendline higher, next support level will be at 7920, where it should get weak again. I have drawn you the possibilities I am looking at in the chart above.
Hope this helps
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.