He already warned you last week that a bearish failure is usually somewhat bullish and that is why I am not surprised by the rises that we have seen during the last sessions, which have led the price of bitcoin to approach the area of important resistance that it presents between the 62,115 and 65,520 dollars, which is the level from where a powerful bearish gap opened, which already warned us in mid-April of the possibility of attending a downward correction, and the highs that for the moment are historical respectively.
Up to that resistive range of $ 62,115 / $ 65,520 there is still a margin of increase of around 18% and I would be very surprised if we could attend a bearish turn without first having an attack and an attempt to overcome that resistance. From its rupture in a sustainable way, which we would have with a monthly closing or at least two weekly closings, it depends on whether we can talk about the fact that bitcoin has entered an absolute free rise again, which is the most bullish technical situation that exists.
In the short term, there will be no sign of buyer exhaustion that jeopardizes the chances of continuing to see higher increases as long as an eventual cut does not deepen below $ 54,000. If this support is lost, it is likely that before we witness a rise towards 62,115 / 65,520 dollars, the price of bitcoin will need to go to seek support at 51,320 dollars, whose scope will suppose a correction of 38.20% of Fibonacci of the whole period. Last upward movement that has taken the price from 40,145 to 58,355 dollars.
What would be the worst case scenario?
In the worst case, I understand that a fall could be formed at $ 47,000, which will mean a 61.80% Fibonacci adjustment of that described section and whose scope will be a new opportunity to open long (buy) in bitcoin.
Without this correction in the price of bitcoin today the recommendation with this cryptocurrency is more a keep than a buy Since the risk-return equation at this time is not attractive and the ideal is to wait for the overbought to be alleviated and for this, it should either correct or consolidate laterally for a time.