If the bull mood weakens with an incursion towards the first green rectangle as correction, and a proposed attempt of a bull wave fails to break the second blue rectangle, I am considering the bears won't be able to push this as low as the previous low around 56400. With that in my mind my favorite zone of interest for a potential reversal and the triggering of another push above would be the red zone. Don't think this could provide a more detailed setup like a double bottom or other formations, could be just a simple turnaround and shift in momentum, but would require confirmation for continuation after a potential pivot in direction.
Other scenarios would be a stop and a break of the blue rectangle, but in both scenarios I don't know if there will be enough power to break the 73700. Maybe stop bellow and consolidate a bit, but either way, the overall picture looks solid enough to assume that for the next weeks BTC will have what it takes to stay clear of the previous low that started the current bullish attempt.
All 3 rectangle zones are proposed potential support/resistance zones.
Other scenarios would be a stop and a break of the blue rectangle, but in both scenarios I don't know if there will be enough power to break the 73700. Maybe stop bellow and consolidate a bit, but either way, the overall picture looks solid enough to assume that for the next weeks BTC will have what it takes to stay clear of the previous low that started the current bullish attempt.
All 3 rectangle zones are proposed potential support/resistance zones.
Comment:
Arrived at the Blue Zone with the potential of a bull run attempt for higher highs.
