BTC Resistance and Retesting
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BTC is currently trending down for a simple reason: there's a fair value gap in the daily timeframe. Additionally, there's a major resistance around the $65,000 price range, so it's highly likely that BTC will face significant resistance before moving higher.
Another key point is that BTC may come down to retest the inverted head and shoulders pattern, the 50-day moving average, and the daily timeframe fair value gap. This suggests that it's likely to dip further to grab some liquidity.
In my view, BTC will likely oscillate between the $62,000 to $64,000 range for a while, accumulating liquidity before making a decisive move either up or down.
BTC is currently trending down for a simple reason: there's a fair value gap in the daily timeframe. Additionally, there's a major resistance around the $65,000 price range, so it's highly likely that BTC will face significant resistance before moving higher.
Another key point is that BTC may come down to retest the inverted head and shoulders pattern, the 50-day moving average, and the daily timeframe fair value gap. This suggests that it's likely to dip further to grab some liquidity.
In my view, BTC will likely oscillate between the $62,000 to $64,000 range for a while, accumulating liquidity before making a decisive move either up or down.
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.
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.