Last week I posted a more bearish scenario for BTC touching already upper channel & Pitchfork median which provided more chances of BTC being rejected downward.
Here I use a different pitchfork angle & a different big downchannel where BTC still has some space to rise before touching upper channel & also the pitchfork median. (Reason: TA is very subjective as different people see different lines so we need to adapt & adjust based on updated price action)
The reason I made this 2nd scenario is because BTC seems to be holding my very impt 46k , a resistance turned support & it even bounced up. Bulls & Bears are fighting between the black anchored VWAP from 69k & the red dma200 line.
Watching where it breaks from this battlezone will be most crucial to have a hint whether my bearish or bullish scenario may play out. (Sometimes there are also fake-outs & BTC just turn the other direction so set a cutloss in case thesis is wrong)
If BTC breaks above red dma200, it may reach 56k before coming back to retest 46k . A consolidation at the 54k to 58k zone will follow before a retest of 69k ATH. That uptrend line should hold as support.
Not trading advice