Bitcoin Technical Analysis: Order Block Test or Trend Reversal?
Bitcoin has recently shown a character change (CHOCH) after a corrective phase and is now trading within the previous order block.
In the short-term outlook, the price may rise to test the first order block, after which it may pull back. Alternatively, it may extend to the second order block, which aligns with the 50% Fibonacci Volume Gap
(FVG) level, and then potentially pull back.
Overall, the market outlook is bearish, with the price targeting lower levels. However, if Bitcoin breaks above ₹78,00,000 (approximately $93,000) with a strong bullish candle, this bearish outlook will be invalidated, and a bullish trend may begin.
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