I already warned you last week that a bearish failure is usually somewhat bullish and that is why I am not surprised by the increases that we have seen during the last sessions, which have led the price of bitcoin to approach the area of important resistance that it presents between 62,115 and 65,520 dollars, which is the level from where a powerful bearish gap opened, which already warned us in mid-April of the possibility of attending a downward correction, and the maximums that are historical for the moment respectively.
Up to that resistive range of $ 62,115 / $ 65,520 there is still a margin of rise of around 18% and I would be very surprised if we could see a bearish turn without first having an attack and an attempt to overcome that resistance. From its rupture in a sustainable way, which we would have with a monthly closing or at least two weekly closings, it depends on whether we can talk about the fact that bitcoin has entered an absolute free rise again, which is the most bullish technical situation that exists.
In the short term, there will be no sign of buyer exhaustion that jeopardizes the chances of continuing to see higher increases as long as an eventual cut does not deepen below $ 54,000. If this support is lost, it is likely that before we witness a rise towards $ 62,115 / 65,520, the price of bitcoin will need to go to seek support at $ 51,320, whose reach would mean a correction of 38.20% of Fibonacci of the whole last upward movement that has taken the price from 40,145 to 58,355 dollars.
What would be the worst scenario?
In the worst case, I understand that a fall to $ 47,000 could be formed, which would mean a 61.80% Fibonacci adjustment of that described section and whose scope would be a new opportunity to open long (buy) in bitcoin.
Without this correction in the price of bitcoin today, the recommendation with this cryptocurrency is more a hold than a buy every time, the risk-return equation at this time is not attractive and the ideal is to wait for the overbought to be alleviated and for this either it must correct or consolidate lateral a time.