Absolute Top = 7500!? TARGET = 5.2K
Long Term:
BTC has respected the downwards trendline for the past several months and will continue to do so in the months following. I see 7500 being the absolute top of this weak recovery rally before a stark Bearish reversal down to 5.2k.
The trend is your friend.
Short Term:
(Bearish Scenario)
A continuation pattern of the prior double top may be in play within the next few hours / day. If BTC can't break through and maintain support of 7110, then I see a possible pull back to 6800 or likely even a pullback to 6600.
(Bullish Scenario)
A clean breakthrough of 7100 would suggest a test of 7300 and maybe even 7500 before the downtrend continues.
BTC has respected the downwards trendline for the past several months and will continue to do so in the months following. I see 7500 being the absolute top of this weak recovery rally before a stark Bearish reversal down to 5.2k.
The trend is your friend.
Short Term:
(Bearish Scenario)
A continuation pattern of the prior double top may be in play within the next few hours / day. If BTC can't break through and maintain support of 7110, then I see a possible pull back to 6800 or likely even a pullback to 6600.
(Bullish Scenario)
A clean breakthrough of 7100 would suggest a test of 7300 and maybe even 7500 before the downtrend continues.
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