Good morning @Trading! 🌅 After yesterday's sudden crash, Bitcoin has entered another consolidation phase and is currently trading at $41,150.
We are currently in the 15-minute chart, where you can clearly see that the first attempt to break out has already failed at the $41,500 resistance (red box above). 📉
After forming a "Swing High" there, we dropped through the 50 and 20 EMA as well as the Daily Open (yellow line), which is currently at $41,210 today, and were then caught by our POC (orange line).
In the larger time frames, everything seems to point upwards, but we are facing the familiar problem again:
There is more resistance above us than support below us.
As long as we hold our current support (green box above) and do not fall through the crucial support of $40,700, the chances for a price increase remain relatively high. However, if we break this support, we may enter the $38,000 range due to the Minus Distribution.
An ideal scenario would be if we could quickly establish ourselves above $41,300 again. This support should be sufficient to attempt a second breakout from the resistance and the 100 EMA.
Find out more in the following video market update. If you have any questions in between, I'm available in the trading-chat. 💬