In the last 5 weeks, we saw strong bearish pressure. The price updated the previous swing low and it means that the correction wave is almost over and has reached about 0.78% of the Fibonacci level.
The price reached the weekly uptrend line. It is a support and I think it is the best time for a reversal. We need strong buyers who will start buying Bitcoin in good volume.
In my opinion, the best option we should consider is consolidation around $32 000 to $34 500.
after that, Because the last resistance of the downtrend has been broken, so a complete correction has been made and this is the best time to return to the same uptrend. In the first step, the price can rise at least to the same ascending peak around $48 000.
The price reached the weekly uptrend line. It is a support and I think it is the best time for a reversal. We need strong buyers who will start buying Bitcoin in good volume.
In my opinion, the best option we should consider is consolidation around $32 000 to $34 500.
after that, Because the last resistance of the downtrend has been broken, so a complete correction has been made and this is the best time to return to the same uptrend. In the first step, the price can rise at least to the same ascending peak around $48 000.