After yesterday's sell-off, Bitcoin is regaining some lost ground. The reversal makes me thing about the reversal we saw after the last sell off; quick with lots of volume.
The main area of resistance, assuming bullish pressure will keep on, will be the $35k area. This because it's a round number, but especially because it will be around the area of the top trend line, making the channel complete.
At the moment, I'm edging towards the bearish channel set-up. Bitcoin needs to correct after going 10x in a year. On the other hand, if the price were to pierce through the channel top trend line, we might see the channel evolve in a bull flag, potentially launching us back to $40k.
Happy trading!
The main area of resistance, assuming bullish pressure will keep on, will be the $35k area. This because it's a round number, but especially because it will be around the area of the top trend line, making the channel complete.
At the moment, I'm edging towards the bearish channel set-up. Bitcoin needs to correct after going 10x in a year. On the other hand, if the price were to pierce through the channel top trend line, we might see the channel evolve in a bull flag, potentially launching us back to $40k.
Happy trading!
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