Bitcoin has tried to breach the 45K resistance level again, at the time of this publication the closing price was heading down to the 43K level. Still inside the Madrid Ribbons resistance area. Good news is that the 200 MA in the weekly, as well as the 90 MA in the same timeframe are intact. It has tested the 35K-38K support level with success, which are above the main support line of the Ribbons. In the daily we're officially in a bear market. It has tried to break the range and the jump from 35K to 38K in the support, plus the fact that it didn't close above the 45K shows it is heading to a series of HL-LH, which basically is a consolidation, probably around the 40K level, which is a psychological and technical strong support/resistance level.
We have to wait until this partial leg in the daily is defined whether it reduces the trading range to a consolidation point or breaks the trading range. My expectations at this time is that it will consolidate to the 40K level, it may test a sell off below this level an reginite a rally heading to the 55K or even 65K level.
We have to wait until this partial leg in the daily is defined whether it reduces the trading range to a consolidation point or breaks the trading range. My expectations at this time is that it will consolidate to the 40K level, it may test a sell off below this level an reginite a rally heading to the 55K or even 65K level.
