BTC is trading at $8,180 representing a gain of about 1% in last 24-hours.
Bitcoin Weekly Price Analysis
BTC post the climb above the long-ranged line of resistance has been consolidating between the range of $7,700 – $8,400.
Bitcoin Weekly Technical Price Analysis
If we look into the shorter time-frame of 4-hour, a small bullish pattern (cup & handle) can be seen as formed, which if broken over the above downtrend resistance can gain a momentum upto next level of overhead resistance depicting around $9,150 which is also 23.6% Fibonacci Retracement resistance of the fall from $19,666 – $5,920.
After the current strong consolidation, we expect BTC to have a momentum another pull-back rally from current levels treating 20 day EMA and baseline of the “handle” as immediate intra-day support.
We expect BTC to have a break-out soon to new levels of resistance and our Bullish views will be invalidated if it falls below it’s April lows of $6,400 as we expect it to be all time low for this quarter.
Bitcoin Weekly Price Analysis
BTC post the climb above the long-ranged line of resistance has been consolidating between the range of $7,700 – $8,400.
Bitcoin Weekly Technical Price Analysis
If we look into the shorter time-frame of 4-hour, a small bullish pattern (cup & handle) can be seen as formed, which if broken over the above downtrend resistance can gain a momentum upto next level of overhead resistance depicting around $9,150 which is also 23.6% Fibonacci Retracement resistance of the fall from $19,666 – $5,920.
After the current strong consolidation, we expect BTC to have a momentum another pull-back rally from current levels treating 20 day EMA and baseline of the “handle” as immediate intra-day support.
We expect BTC to have a break-out soon to new levels of resistance and our Bullish views will be invalidated if it falls below it’s April lows of $6,400 as we expect it to be all time low for this quarter.