1. $BTC In lower time frame, Channel down was formed by BTC. Price recently broke out of this pattern and after retesting it successfully we saw a pump from 62,000 USD to 65,500 USD.
2. There was quick bounce from the 60K level indicating the sign of price reversal.
Quick reaction shows that bulls wants to defend this level so aggressively. Although this might be a trap for early longers before halving.
(1) We might see a retest near 60K level and then BTC continues its bullish momentum.
(2) If BTC loses this level, there is a chance that price retests at 100 EMA (daily).
Current trading range is 60K to 72K USD until price breaks out either side.
3. Very unlikely scenario but If BTC loses daily 100 EMA than the next level is 50-52K range where a lot of liquidity lies but for that Bears have to outperform Bulls completely.
* All the ideas shared here are my thoughts alone not any trading signals. This content is only for education.
