BITCOIN Holding the level - 98000
Let's not discard the rally just yet. I see the buyers are still present but the overhead supply is a matter of concern.
So, here is my view:
Support level - 98000
As long as the price does not close below 97500 on the hourly chart, this is still a buyers' controlled setup.
Supply zone - All time high is the only and a very strong rejection zone. BTC will find it very hard to hold and break above ATH. So I am not very convinced about the upside momentum.
Possibility:
BTC could slowly further move up here and should form a base.
The consolidation around the drawn levels could be a nice place to play long or wait for the base breakout above ATH.
This is not a recommendation.
So, here is my view:
Support level - 98000
As long as the price does not close below 97500 on the hourly chart, this is still a buyers' controlled setup.
Supply zone - All time high is the only and a very strong rejection zone. BTC will find it very hard to hold and break above ATH. So I am not very convinced about the upside momentum.
Possibility:
BTC could slowly further move up here and should form a base.
The consolidation around the drawn levels could be a nice place to play long or wait for the base breakout above ATH.
This is not a recommendation.
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.