What's up my investor friends?
On March 13, BTC reached a new high of $61800, overcoming the resistance of $58300. But the price has remained below this new high.
Currently we can see that it is still in an uptrend visible on the 4-hour candlestick (green line). However, it remains below the psychological resistance of $60000 (orange line).
The price is under pressure and from my point of view, there are two possible scenarios that I show you below.
The bitcoin could overcome this pennant pattern by breaking to the upside and reaching the ceiling of $61600. And probably with the breakout of this pattern, this ceiling could also be overcome and continue the bullish rally.
A break below the uptrend line (green line) could push the price to the support zone between $52000 and $50000 (purple zone).
I would not trade until I see BTC take either of these two directions. It is best to wait for price action, see a successful breakout and make the entry in favor of that breakout, placing fair stops.
The bitcoin trend remains bullish in the medium to long term. If BTC reaches levels of $52000 - $50000, it would be a buying opportunity for investors who operate at longer terms.
Best regards friends!
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.
