In continuation of my most recent post on COINBASE:BTCUSD, the topping pattern has held strong (so far). Was Elon's tweet and the China FUD all just perfect, coincidental timing? Or did the technicals tell us ahead of time that we were in for a major correction?
Either way, Bitcoin appears to be trying to put in somewhat of a V-shaped recovery, BUT will the top of the arc prevent that from happening so soon? If price does make it to the top of the arc and can break out of it, the party does not begin until it breaks above the red resistance line (currently around 57k and steadily declining).
If that resistance holds, I would suspect Bitcoin goes back to retest the 30k low and we can reassess where we are from there. If price breaks above that resistance for at least a daily close, then I believe we can get ready for the party to begin.
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