Relief Rally Ahead?
Today, we’re taking a look at the short-term price charts. Bitcoin has recovered nicely on the 1H chart, bouncing from the low around 57k to above 60k today. On the 4H chart, we can see that the next major hurdle to the upside is the 61–62k area. If we manage to break above that level, we could see a stronger relief rally.
Looking at the bigger picture, I still expect one final washout over the coming weeks. It’s summertime, which typically comes with lower trading volume, and many investors still believe in the classic four-year cycle, where the bottom is only formed about a year after the all-time high. We’ll have to see how it plays out, but at this point I don’t expect significantly more downside than the 57k low we’ve seen so far.
