Bitcoin: Price Channel and Signals We Have to Wait

If we look at the 1H chart, we can see that the price moves in the borders of the horizontal price channel. What does it mean?

There is a balance between buyers and sellers. The market consolidates and prepares for a new movement. Will it be upward or downward? We will see. We should wait for additional signals confirming the strength of one of the sides.

The upward movement will be confirmed if the price breaks the local downtrend line from the daily chart and 7350.00 resistance level.

The downward movement will be confirmed if the price breaks 7100.00 support, SMA200, and SMA100.

Now, the price moves in the price channel, and the market does not provide interesting trade opportunities.

Comment:

The price is going to break the resistance zone between the downtrend line and 7350.00 resistance. This zone is also supported by SMA200 from the $H timeframe.

If the price can break this zone, we will be able to see the further upward movement to 7500.00 and probably to 7800.00 as well.