Since Bitcoin hit $50,500 a couple of days ago, we've been in a minor downtrend. A couple of hours ago, Bitcoin has found resistance at the top of the bearish channel and is seeing some red candles as we speak.
Few things can happen now. A likely scenario would be that there's more pain coming for BTC. An hourly close below $48,500 would be an indication for more bearish potential on the horizon.
The most bullish scenario would be for Bitcoin to break out of this bearish channel and re-test the top trend line as support, as drawn on the chart. Main resistances for a bullish move are $49,800 and $50,500.
In the mid-term, I'm still very bullish on Bitcoin and crypto in general. However, it's to be expected that we get some bearish momentum after going straight up for nearly 5 weeks.
Happy trading!
Few things can happen now. A likely scenario would be that there's more pain coming for BTC. An hourly close below $48,500 would be an indication for more bearish potential on the horizon.
The most bullish scenario would be for Bitcoin to break out of this bearish channel and re-test the top trend line as support, as drawn on the chart. Main resistances for a bullish move are $49,800 and $50,500.
In the mid-term, I'm still very bullish on Bitcoin and crypto in general. However, it's to be expected that we get some bearish momentum after going straight up for nearly 5 weeks.
Happy trading!
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