After a long time BTC broke the range. We are currently testing strong resistance at $ 47,000 . However, with this resistance, it can be a struggle. It should not be forgotten that bitcoins have been growing without the usual corrections since the level of 28,000 USD. The crypto "climate" has changed radically in recent weeks.
Still, are we still in danger of a bear scenario? At least it is threatening, but the bear market would be confirmed only at the new LOW below 28,000 USD.
As long as we stay above this level, the bull market should continue .
We still keep the trendline on the daily chart and we are under resistance level. In general, the longer we move below the resistance level, the higher the chance of breaking it. From the point of view of technical analysis, it would be ideal if at this price level there was a rejection and a drop through the trendline. It would be ideal not to fall below $ 40,000 and thus maintain the upper edge of the rank and subsequently grow.
If the graph just grows, it does not create any supports on its way up. Support is support only when it is tested.** If we did not test the top edge of this rank at $ 40,000 now, we cannot know how strong this support is**. It would be testing that would show us that BTC will maintain this level and we are ready to go up again.
Of course, this would slow down the whole growth, but from the point of view of technical analysis it would be ideal. Otherwise, something similar to what we witnessed in April may happen to us. Bitcoin created a minimum of structures and supports on the way from $ 4,000 to $ 64,000 , which is why it was so extremely difficult to estimate the bottom of the correction, which is why this correction was so strong.
In my opinion, the Bitcoin bull market will continue as long as we stay above the $ 28,000 level. On the contrary, the level of 47,000 - 49,000 USD is a strong resistance, where I would expect a slowdown in growth . However, this slowdown will have no impact on the overall market.