Bitcoin continues to trade in a range. Last week, it tested the 80,000 level without breaking below it, then rebounded, with the price returning to consolidate around 84,000. I repeatedly emphasized last week that prices were due to rise, and that target is now gradually being met. So what will this week's price action look like? Let's take a look at the analysis below.
On the daily chart, the Bollinger Bands are narrowing. After testing the lower band, the candlesticks have risen for several consecutive sessions. The price has now posted four consecutive bullish candles and is repeatedly testing below the middle band. In the short term, there is some resistance, but after a brief buildup, that resistance is bound to break. Meanwhile, the MACD histogram's bearish momentum is gradually waning, and the MACD lines have the momentum to form a golden cross and turn upward.
On the four-hour chart, various indicators are beginning to turn upward and diverge. The 85,000 level will be the key dividing line between bulls and bears in the near term. If it breaks through, there is little doubt that the price will make a substantial move higher. Combined with the current pre-market signals, both the higher and lower time frames are generally bullish. The market outlook is therefore bullish, with attention focused on the levels below.
Consider scaling into bullish positions in the 83,200–82,800 range, with a target of 85,000. If that level breaks, look toward 87,000. These levels are for reference only. $BTC #BTC☀
On the daily chart, the Bollinger Bands are narrowing. After testing the lower band, the candlesticks have risen for several consecutive sessions. The price has now posted four consecutive bullish candles and is repeatedly testing below the middle band. In the short term, there is some resistance, but after a brief buildup, that resistance is bound to break. Meanwhile, the MACD histogram's bearish momentum is gradually waning, and the MACD lines have the momentum to form a golden cross and turn upward.
On the four-hour chart, various indicators are beginning to turn upward and diverge. The 85,000 level will be the key dividing line between bulls and bears in the near term. If it breaks through, there is little doubt that the price will make a substantial move higher. Combined with the current pre-market signals, both the higher and lower time frames are generally bullish. The market outlook is therefore bullish, with attention focused on the levels below.
Consider scaling into bullish positions in the 83,200–82,800 range, with a target of 85,000. If that level breaks, look toward 87,000. These levels are for reference only. $BTC #BTC☀