BITCOIN (BTCUSD): Consolidation and Complete Indecision
Here is the wave analysis for ⚠️BITCOIN
The market is currently in a consolidation phase, trading within a wide horizontal range on a daily, following a strong bullish move.
The resistance of the range is between 109,582 and 106,027, while the support is between 92,797 and 89,378.
The upper boundary of the range aligns with the All-Time High resistance.
Depending on how the price reacts to the range boundaries, there are two potential scenarios. If the price breaks and closes above the resistance, we can expect another bullish wave towards at least 120,040.
On the other hand, a bearish breakout below the support could signal a correctional movement.
It is advisable to wait for a breakout before making any trading decisions.
The market is currently in a consolidation phase, trading within a wide horizontal range on a daily, following a strong bullish move.
The resistance of the range is between 109,582 and 106,027, while the support is between 92,797 and 89,378.
The upper boundary of the range aligns with the All-Time High resistance.
Depending on how the price reacts to the range boundaries, there are two potential scenarios. If the price breaks and closes above the resistance, we can expect another bullish wave towards at least 120,040.
On the other hand, a bearish breakout below the support could signal a correctional movement.
It is advisable to wait for a breakout before making any trading decisions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our Telegram channel for daily market update 👇👇
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.