BITCOIN (BTCUSD) – Week 47 – Is the correction over?

In the last week Bitcoin made the bigger correction that we were expecting. For the next week we see 2 scenarios happening. The first one is a corrective move up to the resistance area and another move to the downside that will retest the support area at $53k and the second scenario is a move upside to the blue trendline marked on the chart. If the price breaks the trendline and consolidates above we have a very high probability of breaking the previous top.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.