$BTC
Bitcoin is about to enter bullish territory. If we see a move and close above the $70,000-$71,000 price range, Bitcoin is now in bullish territory as the chart structure of lower highs breaks. (A break above 70,000 would produce the first higher high.)
At this point, if this happens, we do not go LONG on Bitcoin. Instead, we focus on Altcoins and pairs/projects that are trading lower/near support.
If Bitcoin moves and closes above $70-71K, the doors will be open for further growth, but we will only enter support after a correction.
As long as Bitcoin remains below $74,000, there is a strong possibility of a sudden drop, but after breaking 70/71,000, the lower bearish scenario becomes less likely.
The only thing that would change on our chart in the event of a bullish resistance break is the removal of the lower low scenario (this is positive).
If Bitcoin moves above the resistance, the fact will remain that it has been rising for over 75 days and a correction could happen at any time. We do not buy at resistance, but at support.
Our entry would only occur when a support level is activated.
Bitcoin is currently trading below the mentioned levels and hence the lower bearish scenario remains valid based on technical analysis.
➢ Bitcoin’s bearish potential remains intact.
Thanks for reading.
Namaste.