Again we have Bitcoin 60K coming out of the bearish channel (Flag)
As was said in the previous analysis, the BTC was forming a possible bullish flag, that is, it would come out of a bearish channel by breaking upwards and projecting the mast. Then?
We left the bearish channel, upwards, and have already looked for a previous top: Bitcoin 60k and now?
Graph by Tradingview
An important point on the chart is this resistance from the historic top in the $ 61,800 range. Hitting here, we have a top retest and there may be a rejection, generating a great double top.
We need to be aware of this area!
This resistance also represents a 61.8% increase in fibonacci of the mast from the previous analysis, so it is doubly reinforced. See all
We keep the fibo target of the flag: $ 69,345.
If, we have rejection and the resistance drops the price, we can have a strong drop playing the price between $ 44 and 47k.
The trend is upwards and we believe that the probability of the break is stronger, but, as we always say, Trading is not an exact science; the market is in charge.