Bitcoin Price Consolidates in Range, Breakout Imminent
Bitcoin LTFChart Analysis
Bitcoin (BTC) is currently trading in a range bound between $30,000 and $31,200. The price has been consolidating in this range for several weeks, and it is unclear which direction it will break out of.
If BTC breaks out above $31,200, it could clear the way for a move up to $38,000. However, if the price breaks down below $30,000, it could fall to $28,000-$29,000.
Traders should wait for confirmation before entering a trade. If BTC breaks out above $31,200, traders could consider buying with a stop loss below $30,000. If the price breaks down below $30,000, traders could consider selling with a stop loss above $31,200.
Key Levels
Support: $30,000
Resistance: $31,200
Conclusion
Bitcoin is currently trading in a range bound between $30,000 and $31,200. It is unclear which direction the price will break out of. Traders should wait for confirmation before entering a trade.
If BTC breaks out above $31,200, it could clear the way for a move up to $38,000. However, if the price breaks down below $30,000, it could fall to $28,000-$29,000.
Bitcoin (BTC) is currently trading in a range bound between $30,000 and $31,200. The price has been consolidating in this range for several weeks, and it is unclear which direction it will break out of.
If BTC breaks out above $31,200, it could clear the way for a move up to $38,000. However, if the price breaks down below $30,000, it could fall to $28,000-$29,000.
Traders should wait for confirmation before entering a trade. If BTC breaks out above $31,200, traders could consider buying with a stop loss below $30,000. If the price breaks down below $30,000, traders could consider selling with a stop loss above $31,200.
Key Levels
Support: $30,000
Resistance: $31,200
Conclusion
Bitcoin is currently trading in a range bound between $30,000 and $31,200. It is unclear which direction the price will break out of. Traders should wait for confirmation before entering a trade.
If BTC breaks out above $31,200, it could clear the way for a move up to $38,000. However, if the price breaks down below $30,000, it could fall to $28,000-$29,000.
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Twitter: twitter.com/CryptoPatel
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
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.