Forex (SPOT)

Bitcoin ($BTC): “BULLISH vs BEARISH” SCENARIO

First of all it is important to know that this analysis is to be considered short-term even if the swings shown have a very important Price Action. Having said that, let’s start by looking at the bullish scenario on the daily chart, from a technical point of view, we see a Bullish Pattern (Heads and Shoulders) with a Target just below 40K, and the most interesting thing is that if this Bullish Pattern fails, we will see it right away. , because it would be negative if the price falls below the neckline and stays there. We are currently working a major resistance area around 26.8k/29.5k, if it fails to rally, next target is above 35.k. In the short-term, if we look at the intraday chart (not shown in this analysis) we see that some pullback may appear, but it will necessarily have to hold the key levels. To conclude this first analysis on the bullish scenario, on a large scale we see a corrective structure 3-3-5 Pattern with an irregular B wave, this is the correct definition of the corrective structure we are looking at (ABC).

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