Bitcoin has shown several weeks of weakness, and we’ve kept wondering whether the $60k support level will continue to hold. Of all the days Bitcoin decides to have a steep decline on 4th of July. Losing $60k support is not ideal, but there are a lot of buyers at $60k and there will definitely be a lot of buy pressure at $50k levels as well. Bitcoin is still trading within a bull flag pattern, and is still maintaining a bullish structure. There has been a strong rebound forming at the bottom of this green bull flag, and we are already seeing a wick back up. There have been two false breakouts above this bull flag, and I believe the next move up will lead to a successful breakout. The bull flag is sloped downwards so the resistance target decreases over time. We are looking at a breakout target around $64k, which should be pretty easy to break since we’ve successfully reached $72k numerous times.
Bitcoin’s dip is getting bought up quickly, this is the strong rebound that I wanted to see with a strong wick back up. I think we continue to rebound into the weekend.
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