Bitcoin // BTCUSD – Midterm Outlook

Bitcoin surging past $6,000 leaving the bears behind. Bitcoin has printed a fresh Demand Pattern formation.

I would like to see price continue to the upside towards $6,300 and from here we sell off towards our $5,700 USD level. If price tests our block I have shown two scenarios that could take place.

A) Price rebounds proving the bulls have strength and we can expect targets of $8,000+ in the midterm for Bitcoin .

B) Price breaks closes below our Demand flipping it into Supply. This would likely print a bull trap scenario and lead the path towards our liquidity area @ 4,700 and Daily Demand that has been untested @ $4,000 USD.

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