$BTC TOP 20
Added 2024-05-05 18:23:35 +0000 UTC$BTC is still holding quite well above the 0.236 Fib after one flush recently when $BTC and $ETH ETFs launched on the Hong Kong exchange, Whales took advantage of this moment and sparked a large selling event but as usual, only to immediately buy again at lower levels.
We must comment on what we are still observing and there is still a series of lowers highs and lower lows and in this channel....my one concern about this channel is the potential fake break out which I have highlighted with a white circle, if we disregard this event, then the channel is a bullish set up and arguably we can, considering the fake breakout did not manage to make a higher high and it was followed by a further low.
Price is also still below the 50 Day MA and $BTC has not pulled back as strong as the other cryptos right now, even $ETH tested its 50 Day MA, which is notably lower than $BTC.
So the count remains as shown, a break above the 50 Day MA at $67k and above the blue line at $69k would certainly change things but for now, there are a number of hurdles to get through first.
