Bitcoin (BTC) technical analysis:
Trade setup: Following a bullish breakout from Channel Down pattern and above $28K resistance, price resumed its Uptrend. Now it’s reached our target of $30K-$32K resistance zone and is getting overbought (RSI > 70), which suggests that price could pause its advance. We wait for price to either 1) break above $32K to signal resumption of uptrend, or 2) pullback near $28K support for a swing entry in uptrend.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $28K (previous resistance), then $25K. The nearest Resistance Zone is $32K.
Trade setup: Following a bullish breakout from Channel Down pattern and above $28K resistance, price resumed its Uptrend. Now it’s reached our target of $30K-$32K resistance zone and is getting overbought (RSI > 70), which suggests that price could pause its advance. We wait for price to either 1) break above $32K to signal resumption of uptrend, or 2) pullback near $28K support for a swing entry in uptrend.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $28K (previous resistance), then $25K. The nearest Resistance Zone is $32K.