Bitcoin posted new highs last week by breaking the $58,109 local high level. From here, the price sank below $55,218 and is trending sideways in between the uptrend and downtrend formed inside this falling wedge.
I'm expecting Bitcoin to continue consolidating in between these two lines and from here right now actually wick $55,218 as well as the downtrend before moving back down and going lower before we post higher highs such as hitting $68,361 (3.618 Fib level).
Bitcoin is in the middle of a reversal and looks like it just bounced off of the $51,689 level as a potential support. If this level holds true, expect BTC to wick $54,028 and $55,218 as TP’s before pulling back down.
If we lose the $51,689 level of support, the next level its going to wick is $47,140.
As always please do your own research, I am not a financial advisor.