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--Bearish
Bitcoin Technical Analysis #BTC 18/04
After the sharp drop, Bitcoin is now consolidating in an upward-sloping parallel channel. There are two possible scenarios:
Main scenario:
Bitcoin is forming a flag pattern, and then it is likely to continue moving lower in line with the trend.
Alternative scenario:
Bitcoin is forming Wave 1 of a new five-wave impulsive move and will bounce higher to set new higher highs.
Whichever scenario plays out, Bitcoin will still need to correct from this price zone.
#signals #bitcoin $BTC
{future}(BTCUSDT)
After the sharp drop, Bitcoin is now consolidating in an upward-sloping parallel channel. There are two possible scenarios:
Main scenario:
Bitcoin is forming a flag pattern, and then it is likely to continue moving lower in line with the trend.
Alternative scenario:
Bitcoin is forming Wave 1 of a new five-wave impulsive move and will bounce higher to set new higher highs.
Whichever scenario plays out, Bitcoin will still need to correct from this price zone.
#signals #bitcoin $BTC
{future}(BTCUSDT)