BTC pivot point @ 48k, breaking trend lines to under 30k

Vertical price push is due for a pull back.

Depth of pull back can develop into a few possible scenarios:

Bearish: pull back leg of the longer term consolidation in the 15k-69k range. Bouncing off the 20k will be neutral vs. under 20k will be bearish, looking to test and break 15k.

Bullish: Bounce off the 48k and dip to ~28k to form an ascending triangle or cup handle before breaking to ~150k

If we push past 48k, next resistance is 55k. I am skeptical about any pre halving push without some kind of easy credit like low interest rates or cash injections.

Lets see how deep this pull back goes.

Commento:

48.2K has been hit.

Looking for a retest of the 48.2k top.

A retest that falls short (~47.8k for example) would be a good setup for a short position.

Trade chiuso: obiettivo raggiunto:

Currently retesting 48K after the first major pullback.

If this push fails and falls short, only reaching 46k or low 47k, then I would expect a drop in price.

Bull case: Price drops a little to find support at around 40K before trying to test 48k again.

Neutral case: Price drops to find support around 38k-40k, before going up to low 40k and consolidating around 42k

Bear Case: Price drops 38k, and continues to restest before dropping down further. 32k is a key price point. If broken, we should see a further drop under 30k, and finding price ranges to consolidate around 32k before breaking out.