#BTC Update [May, 12th] : building out an ascending channel

#BTCUSD: Looks to be building out an ascending channel

#Bitcoin still remains bullish after a show of high volatility on these complex events; the bitcoin halving, Paul Tudor bought bitcoin, JPMorgan bank takes on Coinbase, Gemini as its first crypto exchange customers,...

Two possible scenarios

• 1.
  

Retest 8,400 and bounce on the uptrend support then we most likely get the top of the channel at 10,000 ~ 10,500 again; or heading upwards now to hit 10,500 level without retest support line.


2. Leaning towards the bearish side, breakdown of the support line will result in revisiting 7,600 level. If losing that support would lead bitcoin to the bear market on the mid term.

Don't predict the market, stick your plans in all scenarios and always have a plan B.