BTC has reversed after dropping to 52K (falling channel in orange) and is now recovering on the 1D chart. On the 1W chart, there is also a sign of reversal and RSI too.
My forecast is that before taking off, BTC will strengthen within this rising channel (in blue). There's strong support at $47-48K, which should hold.
Based on the RSI and MACD curves, the uptrend should continue until it reaches the resistance at $67-68k. Afterward, I anticipate a more severe correction, but the price should remain within the rising channel for some time.
The parabolic phase hasn't started yet, so I expect another drop to the bottom of the wedge before the next big move begins.
I will update this idea as it develops.
Most of my previous ideas have been accurate, so feel free to check them out and follow me for more forecasts.
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