BTC - 3 Additional options for the current location
The current rejection and move back below the top of the trading range at 25k is not a good sign
BTC has not even once been able to close a daily candle above the top of the trading range and keeps getting rejected.
There are 3 possible options on what can occur next.
1) BTC bounces at the MA20/MA50 which is the area between 23500 and 22600 and then breaks above 25k once more
2) BTC fails to bounce at the MA20/MA50 and instead moves lower to the next support at 18k
3) BTC fails to bounce at the 18K support area and drops lower to 12k
BTC has not even once been able to close a daily candle above the top of the trading range and keeps getting rejected.
There are 3 possible options on what can occur next.
1) BTC bounces at the MA20/MA50 which is the area between 23500 and 22600 and then breaks above 25k once more
2) BTC fails to bounce at the MA20/MA50 and instead moves lower to the next support at 18k
3) BTC fails to bounce at the 18K support area and drops lower to 12k