Bitcoin Price Action Analysis

Hello, traders!

The first target $37475 is going to be reached. The price broke through the small trend channel from the previous analysis.

Now the price formed the big ascending channel. If the price is able to break through the channel's centraline and find support above the first target, the next target is $39900.

In the opposite case the price will bounce off centraline and can return back to the upward trendline ($35300 level).

DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.

Trade closed: target reached:

Target 1 ($37475) is reached. The price broke through the support line of this level and the central line of the ascending channel. There was an attempt to return back to the downside, but there was a rejection and price is going to reach the target 2 ($39900).

Comment:

There was a fake breakout of the Target 1 line. The price bounce off it to the downside. It is a great opportunity to buy BTC at lower price. It is high probability that the price reach the upward trendline (lower band of the channel). It is nice entry point at top CPR level ($35060). While the uptrend line acted as a support for the price the uptrend is valid.

Comment:

The price started consolidation across the target 1 level. This is a very strong resistance, but the price have several attempts to break it through. This means the sign of strength and it is high probability of the breakout.

If the price is able to break $37475 clearly and find support above it, we can see target 2 ($39900). If the bounce off target 1 level is the case the Upward trendline is still a great support level.

Comment:

The target 2 level ($39900) was almost reached but there was a rejection to go higher now. If the price is able to close above it, the next target is ATH level. This level possibly will be a very strong resistance and the breakout of this level can be the evidence of potential growth to $48000.