TechFlow news, on May 20, James Wynn posted that Bitcoin is currently within a clear price channel, having touched the support level twice and rebounded. The third touch usually does not break below. He believes the recent price decline was mainly due to market manipulators liquidating excessively leveraged long positions, with strong psychological support around $100k.
From a technical perspective, a bullish engulfing pattern has formed on the hourly chart, and the weekly MACD has turned bullish for the first time since November/December last year. Wynn predicts Bitcoin will rise to the $118k level after short-term volatility, and reminds investors to stay calm and follow proper risk management strategies.
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