Bitcoin daily line chart is showing price has fully retraced back to its previous resistance.
Currently smaller time frames are showing promising price action for a continuation with another leg up.
To remain macro bullish another leg up would provide plenty of room for a significant retrace without braking are current lows in the 25k area.
If price can not hold and closes on the daily below with a clear brake of structure this would be a serious sign of weakness in our current uptrend. A more serious push down with a retest rejection below the this level would be a clear signal of something nobody likes to consider which is the possibility of serious down side.
Best to just let the chart decide. If price holds and pushes up from the current level more upside is likely. IF it brakes below and rejects on the retest more dowside should be expected.
Trade Well......
Currently smaller time frames are showing promising price action for a continuation with another leg up.
To remain macro bullish another leg up would provide plenty of room for a significant retrace without braking are current lows in the 25k area.
If price can not hold and closes on the daily below with a clear brake of structure this would be a serious sign of weakness in our current uptrend. A more serious push down with a retest rejection below the this level would be a clear signal of something nobody likes to consider which is the possibility of serious down side.
Best to just let the chart decide. If price holds and pushes up from the current level more upside is likely. IF it brakes below and rejects on the retest more dowside should be expected.
Trade Well......
