We were able to push past $38K which was a small but important battle won by BTC. We wrote yesterday that “A break above $38K to delay a crash, a break below $36K to signal the next leg down.” and we have stave off an immediate crash to $30K which is great. Yet we are in no means out of the woods yet. Here is what the tough road ahead looks like. First we must keep this momentum going and solidify its strength by breaching $40K with relative ease and relatively quickly. This signals a possible reversal that will motivate people who were hoping to catch a greater dip off guard and FOMO into purchasing BTC before it increases more in value. This short term reversal will be confirmed if the $40K breach is immediately followed by a break above $43K. This isn’t all though, it must close the weekly above $43K which is a tough move to make.
On the flipside a prolonged stasis at $38K is a sure sign that BTC’s downside is not over yet, and a $30K BTC is in the cards.