Bitcoin technical analysis and forecast
Review of the last analysis :
You can find our last analysis here -> link
According to that forecast, Bitcoin started a temporary recovery but did not exceed 3760. This was exactly in line with expectations. The downward trend remained intact and moved to 3480. But the important support 3480 was not triggered. A temporary low formed at 3490, from which another short-term recovery upmove started.
Forecast:
Today, 3760 was exceeded, putting an end to the entire trend movement since 4122. Is this also the end of the entire correction movement since the high in the range of 5000? No!
The upward wave since 3490 has a corrective character. We have to assume that another bull trap will be created here. We can be (quite) certain about it, if 3960 is not exceeded and 3692 is undershot.A break of 3650 would confirm the expectation. In this case, a move to 3490 would be very likely. This time, we can expect 3480 to break. If this happens we should see Bitcoin moving to 3400.
If 3650 remains untouched, a break of 3900 would trigger a move to 3960. If Bitcoin breaks through 3960 the above described bearish scenario is neutralized.
BTC/USD 15 min chart
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