BTC\USD 07.04.21

Let's puzzle out the bitcoin situation and accordingly the market situation as a whole will correlate with what Bitcoin is doing.

Right now the pattern looks very positive and resembles an ascending triangle. Does this mean that this pattern gives us confidence that the price will go higher? - No. For that, let's make key marks on the chart to navigate already inside this pattern itself (rising triangle) to understand what is more likely to happen.

We can see that relative to the dynamic support we are maintaining the trend and that's good. It remains to overcome the resistance at 60k

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What we don't want to see

We would not like to see a new low, that lower than March 25 or move below 50k - if that happens, this scenario may provoke a very strong supply, and then we have a difficult situation ahead, but it's too early to tell.

The nearest support is in the 53k-55k range. So far, we should be guided by it and therefore we are not talking about a bearish trend yet.

By the way, a similar situation was around November 20, 2020.