Bitcoin Breakout About to Fail: Fakeout or Shakeout Dip to Clear the Longs?
Bitcoin continues to keep traders guessing as it recently dipped back below the key horizontal support of $66K. Is this an omen that the breakout is about to fail, or is this just market makers trying to throw off traders before the rally resumes?
Nothing more than a retest?
Source: TradingView
Despite the rather bearish title, the short-term time frame chart shows that the $BTC price is actually doing fine. Of course, if there is a sell-off here the price could go back to $64K and even down to $62K. However, as things stand, this recent small dip is probably nothing more than a retest of the key horizontal resistance. A small ascending trendline is still intact, and so a bounce from here is possibly the next move.
The Stochastic RSI indicator lines are posturing to turn back around. If they do so, look for a continuance of the rally.
No higher high yet
Source: TradingView
In the daily time frame things don’t look nearly as bullish. In fact, if it wasn’t for the fact that the $BTC price broke out of the descending channel, and also pierced through the key $66K resistance, one might be forgiven for seeing a slightly bearish slant here.
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