Bitcoin Has Tested Support, But Can It Be Supported?

Bitcoin just concluded a weekend of low volatility and movement. Friday produced a hammer candle with a long price wick that ended about 6% shy of our Daily Base Line. Saturday and Sunday saw price remain right at Friday's closing price, with Monday opening up bullish price prices creeping back across our 8 DEMA.

With prices above the Daily Base Line, our trading bias is to the Long side, looking for positive price appreciation.

Mynx, our primary Momentum Oscillator, is about to give a Bullish Cross, which would be seen in this light as a continuation signal, suggesting entering long trades.

Current support lies in the Market Structure of $24K which has confluence with our Daily Base Line, if price were to break that level our next level of support comes in at the psychological level of $20K.

Current resistance lies above us in the form of Market Structure at $30K, however our ATR projection is aiming for targets in the $34-36K range.

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