Bitcoin is bullish, What's next?
Bitcoin is trading in a clearly defined accumulation range of 6800-7800$ for the last two months. Accumulation before a rally is overall healthy and bullish for bitcoin.
On 3D Timeframe, 200MA is acting as strong support, from where price bounced off during the last drop to 6850$.
The 7700-7900$ area is acting as a strong resistance level, also acting as the top of the accumulation range.
Price is also trading inside a large falling wedge where 7700-7900$ is acting as a resistance of the channel.
Overall, I am expecting a rejection from 7700-7900$ once again and wanted to see the price to spend/ consolidate around 6600-7000$ area for at least 1-2 days before making any further upside move.
We have only seen a quick bounce from the support level, but for clear trend change: consolidation around support before a bounce is a must - which we have seen last year when bitcoin consolidated around 3300-3600$ range before the breakout.
On 3D Timeframe, 200MA is acting as strong support, from where price bounced off during the last drop to 6850$.
The 7700-7900$ area is acting as a strong resistance level, also acting as the top of the accumulation range.
Price is also trading inside a large falling wedge where 7700-7900$ is acting as a resistance of the channel.
Overall, I am expecting a rejection from 7700-7900$ once again and wanted to see the price to spend/ consolidate around 6600-7000$ area for at least 1-2 days before making any further upside move.
We have only seen a quick bounce from the support level, but for clear trend change: consolidation around support before a bounce is a must - which we have seen last year when bitcoin consolidated around 3300-3600$ range before the breakout.
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.