Bullish Continuation Pattern With Short Term Downside Movement
As seen on the daily BTC chart, we are continuing with a bullish higher high, higher low pattern, in order to maintain this pattern and keep the trend overall bullish, closing above the 52K area would need to be maintained.
From a short term perspective, we have lots of support levels, one of which we have seen today around the 55K area, however in order to turn short term trend bullish as well, BTC would need to make its way back above the 50 daily moving average and find support there. Also, short term oscillating indicators are showing bearish patterns but as long as we move back into an area of support above the 50 daily moving average, short term trend could see an impulsive move to the upside and possibly a new ATH
From a short term perspective, we have lots of support levels, one of which we have seen today around the 55K area, however in order to turn short term trend bullish as well, BTC would need to make its way back above the 50 daily moving average and find support there. Also, short term oscillating indicators are showing bearish patterns but as long as we move back into an area of support above the 50 daily moving average, short term trend could see an impulsive move to the upside and possibly a new ATH
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