Critical area for $BTC at the moment. Break above $62,000 f

Bullish

Critical area for $BTC at the moment.
Break above $62,000 for a bullish continuation towards $68,000.
Break below $58,000 for a deeper bearish correction towards $52,000.

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BTC

75,777.12

+9.34%

348

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The $BTC market structure has been very clean lately, which I find interesting. 🔄If history repeats itself, and the current last major low marked in red is broken to the downside, we can expect another dip in #BTC towards the $69,000 - $70,000 demand zone.

$ETH is currently hovering around the lower bound of its range in the shape of an ascending triangle. 📈As long as the lower red trendline holds, a continuation towards the upper bound of the triangle is expected.

🏹For the bulls to remain in control long-term, a weekly candle close above $74,000 is needed on $BTC. 📉In parallel, if the last minor low at $71,000 is broken downward, a bearish correction towards the lower blue trendline would be expected.

📈From a medium-term perspective, BTC has been bullish trading within the rising channel in blue. 📚 As per my trading style: As #BTC approaches the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📉After breaking below the previous low of $68,000 (marked in red), $BTC's momentum shifted from bullish to bearish in the short term. As long as the bears remain in control, the next major support zone that could hold #BTC up is the $63,000 demand zone.

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