The price of BITCOIN has been trapped in a well-established trading range between $45.5k and $52k for exactly one month now. The price of bitcoin is still in a state of consolidation and nothing has changed in general as the price moves inside the range. However, if the price breaks to either side of the boundary, traders can enter in the direction of a breakout or breakdown from the trading range. To confirm the move is valid, use other indicators, such as volume, bollinger bands etc along with price action.
Let's go over the two key scenarios :
- The first possibility involves a squeeze around the trading range's upper boundary ($52k-51k) and a breakout, which could present a strong buying opportunity.
- A renewal of the key level of $42K is the second scenario where the wick gets filled. It might be an excellent selling opportunity if there is a breakdown of the trading range's lower boundary ($46k-45.4k).
There's a high possibility that buy orders at $42k-40k zone gets filled from where the price may finally bounce back to the upside.
Not a financial advice.
Do not forget to DYOR.
Feel free to share your thoughts on BTC in the comments below.
Let's go over the two key scenarios :
- The first possibility involves a squeeze around the trading range's upper boundary ($52k-51k) and a breakout, which could present a strong buying opportunity.
- A renewal of the key level of $42K is the second scenario where the wick gets filled. It might be an excellent selling opportunity if there is a breakdown of the trading range's lower boundary ($46k-45.4k).
There's a high possibility that buy orders at $42k-40k zone gets filled from where the price may finally bounce back to the upside.
Not a financial advice.
Do not forget to DYOR.
Feel free to share your thoughts on BTC in the comments below.
