#Bitcoin Consolidates inside a $1.5k Range, Bulls Retain Control
Past Performance of Bitcoin
Bitcoin prices are volatile at spot rates, reading from the performance in the daily chart. Prices edged lower yesterday, only for bullish pressure to develop during the New York session. Overall, buyers stand a chance, provided prices are inside the bull flag. In the days ahead, traders can watch how prices react either above24k or below 22.5k support.
#Bitcoin Technical Analysis
As mentioned earlier, BTC prices have support at around 22.5k. This is a critical level, also flashing with the base of the flag. As prices consolidate between 24k and the support, swing traders might take their profits on every attempt higher. Meanwhile, conservative traders might wait for entries on breakout in either direction. Any surge above 24k may trigger demand, lifting the coin towards
25K or better. Conversely, losses may see BTC slip to 21.5k in a retest. Ideally, any breakout must be with rising trading volumes above the recent averages.
What to Expect from #BTC?
Bulls are in control despite the recent lower lows from the upper BB. This indicates that upside momentum is waning. Nonetheless, buyers remain in control unless there is a definitive close in either direction.
Resistance level to watch out for: 24k
Support level to watch out for: 22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are volatile at spot rates, reading from the performance in the daily chart. Prices edged lower yesterday, only for bullish pressure to develop during the New York session. Overall, buyers stand a chance, provided prices are inside the bull flag. In the days ahead, traders can watch how prices react either above24k or below 22.5k support.
#Bitcoin Technical Analysis
As mentioned earlier, BTC prices have support at around 22.5k. This is a critical level, also flashing with the base of the flag. As prices consolidate between 24k and the support, swing traders might take their profits on every attempt higher. Meanwhile, conservative traders might wait for entries on breakout in either direction. Any surge above 24k may trigger demand, lifting the coin towards
25K or better. Conversely, losses may see BTC slip to 21.5k in a retest. Ideally, any breakout must be with rising trading volumes above the recent averages.What to Expect from #BTC?
Bulls are in control despite the recent lower lows from the upper BB. This indicates that upside momentum is waning. Nonetheless, buyers remain in control unless there is a definitive close in either direction.
Resistance level to watch out for: 24k
Support level to watch out for: 22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Related publications
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.