Bitcoin (BTC)’s Swift Recovery Towards $6,000 And The Inevitable Short Squeeze
Bitcoin (BTC) is due for a swift recovery towards $6,000 as long as it closes the current weekly candle above trend line support. RSI for BTC/USD points to a similar outcome on the weekly chart. Bitcoin (BTC) recently broke market structure which led to a crippling correction the likes of which we have not seen in the past. This correction or crash has now become a part of Bitcoin (BTC)’s outlook for years to come. The moment it broke below the $5,800 level, Bitcoin (BTC) completely shattered any hopes of a bullish comeback towards the end of the year. Some analysts like Tom Lee are still confident that Bitcoin (BTC) may rise to $15,000 by year end, but that is extremely unlikely under current circumstances. That being said, BTC/USD is long overdue for a short term recovery.
The price is expected to rally from current levels. Soon as Bitcoin (BTC) closes the current candle above $3,210, we are likely to see a green candle that is going to take the price above $4,000. The next one…
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