Prior to 2016 bitcoin halving we have seen chart printing higher bottom each dips with declining volume, it was a good sign of seller exhaustion that lead up to the strong break up where there is a spike of volumes from trader taking profits.
Today we are seeing similarities from 2016 of rising bottom with declining volume with a lot of signals showing bullish sign.
So the 1st possible scenario for bitcoin is where BTC pushes through 6500 and beyond. It will retrace back to the previous break up zone and holding it there will prove the bulls are here to stay.
2nd scenario is when BTC hits resistance at 6400-6500 and retrace, it must be supported at 4200 and 3700-3800 to confirm that BTC is still in accumulation phrase. If both supports fail, we will likely to see BTC going under 3000.
3rd scenario is when sell volume is fully exhausted at around July/August 2019 and ready to move up beyond 6500 where volume will start entering the market. There is a small possibility it will break down in price to look for more volume too.
Today we are seeing similarities from 2016 of rising bottom with declining volume with a lot of signals showing bullish sign.
So the 1st possible scenario for bitcoin is where BTC pushes through 6500 and beyond. It will retrace back to the previous break up zone and holding it there will prove the bulls are here to stay.
2nd scenario is when BTC hits resistance at 6400-6500 and retrace, it must be supported at 4200 and 3700-3800 to confirm that BTC is still in accumulation phrase. If both supports fail, we will likely to see BTC going under 3000.
3rd scenario is when sell volume is fully exhausted at around July/August 2019 and ready to move up beyond 6500 where volume will start entering the market. There is a small possibility it will break down in price to look for more volume too.
The similarities continued from 2015 as shown in orange circle. So it is highly possible that BTC will correct to the point of last break up (6000-6500)
Zooming into smaller time frame. We can further examine it's actions and volume to get more confirmation.