BITCOIN (BTCUSD) – Week 48 – Bigger correction?

In our previous analysis Bitcoin behaved as expected and made a bigger correction that reached the second support level marked on the chart at $53k. For this week we see 2 possible scenarios marked by the 2 arrows on the chart. The orange pathway shows us a correction to the upside followed by another impulsive wave down and the blue pathway shows us a break of the blue trendline which will give a higher probability to the bullish scenario for Bitcoin.

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.