Bitcoin did bounce back from exactly the level of 51.5k the new support line of 51k we formed back in March. Revisit the soft support of 53.5 and up to go as long as we close today above the 50 day EMA 55.7k Bitcoin still performing within the Ascending Triangle that has formed in Dec 2020, I expect to continue that trend upwards towards the 67-68k.
If Bitcoin fail today to close above the 50 Day EMA than we have a good chance to fall further down and we may slip down to 47.5k and even further to 42k later on before we recover again.
If Bitcoin fail today to close above the 50 Day EMA than we have a good chance to fall further down and we may slip down to 47.5k and even further to 42k later on before we recover again.
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Daily chart
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Hourly chart
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It does not look good for BTC, Still very weak and not gaining any volume lately, I expect a fall down further. Before that BTC right now consolidating inside the rising wedge that I expect to breakouts upwards towards the 58k and down from there to 50k