Bitcoin has not been able to gain much momentum in either direction after rebounding from the recent low near $150 per bitcoin. As indicated by the yellow rectangle, price action on the 4H chart is in tight consolidation.
Price is also resting on an ascending trend line on weak momentum. A close below will likely cause further selling, although lower support levels could be a promising trade.
Conversely, if bitcoin can close above both price action and trend resistance, a move higher to $234 is probable. However, this level of resistance has been rather strong.
Near-term direction will likely be determined on a volume spike.
I think in the absence of other major news this would be the case. But bigger things are at work here, mainly that a legitimate USD exchange platform (Coinbase Lunar) has been approved and is opening tomorrow. Things could get really volatile. I'm considering buying pullbacks from where we're at right now ($273). But I'm a beginner so I'm mostly going by limited trading education and intuition. So definitely don't listen to me.
CommoditiesTrader
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Well, bitcoin is know to see heavy selling into these rallies. I will post another chart, but it is promising. Look at the technicals, price action broke out of consolidation, held beneath resistance then climbed the ascending trend line.
CommoditiesTrader
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Techs look solid. Price action spikes and hits resistance on declining dollar. Lets see if it holds. A close above will clearly allow room to next resistance target, will follow if there is follow though.