Bitcoin At A Critical Level (BTCUSD)
Bitcoin is trading to the top of its 3 month balance area. This level has presented as strong overhead resistance this past couple of months.
A breakout above this level on increasing volume would likely see Bitcoin trade to 52000 in the coming days.
More likely will be a rejection of this level, seeing Bitcoin trade back down through its recent range. I say that because ranges are more common than breakouts, and Bitcoin has been rangebound for all of 2022.
The next few hours should reveal either a breakout with immediate follow through, or a test/reject reversal from this level.
Remember, trade what you see, not what you THINK should happen.
A breakout above this level on increasing volume would likely see Bitcoin trade to 52000 in the coming days.
More likely will be a rejection of this level, seeing Bitcoin trade back down through its recent range. I say that because ranges are more common than breakouts, and Bitcoin has been rangebound for all of 2022.
The next few hours should reveal either a breakout with immediate follow through, or a test/reject reversal from this level.
Remember, trade what you see, not what you THINK should happen.
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