BTC moving in a smaller time frame down trend and hitting upper blue trend line of the channel for inflection against the uptrend channel, We could break above blue line here to confirm uptrend bias, but I suspect we will move down from here to test red 50% median downtrend line before a major uptrend could resume. Of course at that point it could also break below the red 50% trend line and dip under 32000. Thats when people will start to panic, as a continuation of the bear market is confirmed. Market fundamentals are not bullish. War in Ukraine ongoing and the Fed just increased interest rate by 25 basis points today, while signalling future increases.
BTC moving in a smaller time frame down trend and hitting upper blue trend line of the channel for inflection against the uptrend channel, We could break above blue line here to confirm uptrend bias, but I suspect we will move down from here to test red 50% median downtrend line before a major uptrend could resume. Of course at that point it could also break below the red 50% trend line and dip under 32000. Thats when people will start to panic, as a continuation of the bear market is confirmed. Market fundamentals are not bullish. War in Ukraine ongoing and the Fed just increased interest rate by 25 basis points today, while signalling future increases.