Bitcoin Bullish and Bearish scenarios

6 Jun 2021

Bitcoin has recently broken out of the symmetrical triangle but quickly came back in and broke down. It's currently struggling to get back into the triangle which could indicate a retest and more price downtrend. In case of a retest I would short/sell with stop loss over 37k. If the retest happens I expect more downside, I would set my eyes on the first support, if that one breaks, the 30k support is bitcoin's last hope. Target if we break down with good volume would be around 23k. In case bitcoin returns back in the triangle and breaks out, I would set my eyes on the first resistance and I would buy/long the retest on the triangle, in case good volume comes in, I would set my eyes on the second resistance and after that one, 52k is our target.