$BTC - 03-07 price update:
As explained in my last review, I think the #bitcoin price has reached a local peak! The price is clearly moving into a bearish correction phase [HTF]📉
➡️Currently, I see a bearish breakout and retest daily 🚨
The price will probably test the 57 000$ - 56 800$ support zone in the short term. If the price doesn't react on this support zone then it will test $56,000 (big weekly level).
➡️SHORT TERM VIEW:
On my last {H4] view, we can clearly see that the price formed a bearish flag (trend continuation pattern) 📉!
The price has thus broken out of this pattern and re-entered the downtrend channel.
We should therefore logically see the downtrend continue towards $56,900? 📉👀
➡️For the MEDIUM TERM/ LONG:
I think the price will retest the daily / weekly uptrend and find support around the 48 - 51k levels! [It could take Few weeks!]
Important levels are visible in my daily chart [red].
If the price fails to hold above the $56,000 support level, it should fall sharply towards $53,000! 🚨
As long as the daily price remain stuck below 65 000$ this scenario remain valid.
