Up channel and resistance:
On the the Bitcoin is moving in an and it was expected that this time the priceline will reach up to the resistance of this channel as it had already visited the support on 25th May 2020. But before reaching the resistance the priceline of leading cryptocurrency dropped down. At this time the price action is moving above the 25 . The basic reason that stopped the priceline to reach up to the resistance of the channel was . Because the upper bands of the is below the resistance that is a big hurdle for the price action to move up. And the lower bands of the is at the level where the 50 moving average is also moving and that is around $8800 therefore there is possibility that the price action will reach upto this level.
Pennant and EMAs:
On the same the price action of Bitcoin is also moving in a and after hitting the resistance of the pricline is moved down. I've also placed the exponential moving averages with the time period of 10 and 21. At this time the priceline is retesting these moving averages as support as the exponential moving averages 10 and 21 have been working as strong support for the price action of the leading cryptocurrency since the rally was started after the mid of March 2020. But if the price action will break down these moving averages and the 10 will cross down the 21 then we may see strong downside rally.
Continuously formation of moves:
The price action of leading cryptocurrency is also forming the different with the continuity and consistency on the . The BTC formed a pttern and took a powerful from the potential reversal zone of this pattern. And while moving up the price action started the formation of another . It can be easily noticed that at this time the priceline has started the formation of the final leg. The potential reversal zone of this pattern starts from $9317 to $9015. Therefore it can be expected that once the price action will be entered in this PRZ level then it can move up with rally.
For the completion of the the price action may drop from $9300 to $9000 or it may also hit the spike up to the with the time period of 50 on the and that is at $8800. However after the completion of the final leg of this we may see another move buy the Bitcoin soon.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.