Bitcoin Must Break This Resistance on the 1-Day Timeframe
If we take a look at the latest 1-day charts for Bitcoin we can see that the price has risen slowly in the last two days. BTC bounced back from the bottom of the rising channel it’s been respecting for months and is continuing the trend.
The bottom of the channel is also coinciding with our horizontal support level which means Bitcoin has solid support here. However, Bitcoin still needs to get up above the $42,100 mark to gain some more momentum. It is a crucial level that has acted as strong resistance in the past as well and rejection is also likely.
If the price faces rejection here, things will get quite bearish for Bitcoin. The price will likely break below the rising channel as well and the sell-off will continue. The next support we will be watching in that scenario is the $37,700 region
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still trading within a solid structure on the 1-day timeframe, so we are not too concerned at the moment. Right now, we are watching the resistance at $42,100 and if BTC can break above this level we will be bullish on Bitcoin in the immediate short term. However, if a strong rejection happens here, we will see it as an opportunity to place a short trade on Bitcoin. We would also be using a tight-stop loss as this could still be a bear trap.
If we take a look at the latest 1-day charts for Bitcoin we can see that the price has risen slowly in the last two days. BTC bounced back from the bottom of the rising channel it’s been respecting for months and is continuing the trend.
The bottom of the channel is also coinciding with our horizontal support level which means Bitcoin has solid support here. However, Bitcoin still needs to get up above the $42,100 mark to gain some more momentum. It is a crucial level that has acted as strong resistance in the past as well and rejection is also likely.
If the price faces rejection here, things will get quite bearish for Bitcoin. The price will likely break below the rising channel as well and the sell-off will continue. The next support we will be watching in that scenario is the $37,700 region
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still trading within a solid structure on the 1-day timeframe, so we are not too concerned at the moment. Right now, we are watching the resistance at $42,100 and if BTC can break above this level we will be bullish on Bitcoin in the immediate short term. However, if a strong rejection happens here, we will see it as an opportunity to place a short trade on Bitcoin. We would also be using a tight-stop loss as this could still be a bear trap.