Retesting $33 is still not out of the question for BTC
Decent breakout of the diagonal line of resistance which has held BTC back since November. Although volume seems kind of weak and we did not make a higher high.
BTC found resistance at the .236 fib level with coincides with the top of a rising channel.
Coincidentally the measured breakdown of the pattern would place us back at 33k potentially setting up a macro double bottom. A break to the upside has a measured move around 48kish.
In my opinion as long as we don't make a higher high, meaning breaking 44k, we are still in a bear trend. Although my expectation is that we'll see some sideways action for a while forming a strong base of support between 40k-33k.
BTC found resistance at the .236 fib level with coincides with the top of a rising channel.
Coincidentally the measured breakdown of the pattern would place us back at 33k potentially setting up a macro double bottom. A break to the upside has a measured move around 48kish.
In my opinion as long as we don't make a higher high, meaning breaking 44k, we are still in a bear trend. Although my expectation is that we'll see some sideways action for a while forming a strong base of support between 40k-33k.
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