Bitcoin sharply rejected ATH. However, the breakdown didn't break new lows, and we are consolidating above previous lows. All things considered, we remain in an upward channel. However, caution is advised as we're in the lower portion of the channel, suggesting that momentum has somewhat decreased.
A rejection of the mid channel line, or 7580 area, or a confluence of both, would merely suggest that the market is not ready for new ATHs. A break of the lower channel line would inevitably lead to test of 6950. Only a break of the 6950 area would flip bias short. Getting back above the 7580 area and closing there on a 4h basis would suggest that new highs are incoming.
Long Idea: buy on a pullback from a break of 7580-7600, preferably at the breakout point or the middle channel line, with a target of the top channel line (a break of 7900).
Short Idea: enter short on a 4h close or pullback from a break of 6950. Near-term target would be 6000-6200.
For now, the market is neutral with a flat bband median line.
A rejection of the mid channel line, or 7580 area, or a confluence of both, would merely suggest that the market is not ready for new ATHs. A break of the lower channel line would inevitably lead to test of 6950. Only a break of the 6950 area would flip bias short. Getting back above the 7580 area and closing there on a 4h basis would suggest that new highs are incoming.
Long Idea: buy on a pullback from a break of 7580-7600, preferably at the breakout point or the middle channel line, with a target of the top channel line (a break of 7900).
Short Idea: enter short on a 4h close or pullback from a break of 6950. Near-term target would be 6000-6200.
For now, the market is neutral with a flat bband median line.