Bitcoin got another rejection from the range high
Price has been ranging between $60,500 and $71,500 since March, and this is the fourth rejection from the range high.
The next important support is near the mid-range ($65,000), which must hold.
Ranges are neutral in nature, but the chances of a breakout in the direction of the higher time frame trend are high.
A range like this, with a downside fakeout in a strong uptrend, has a high probability of an upside breakout.
Currently, both the range boundaries have already been tested several times, and the price has been ranging for the past few months, indicating that a breakout is due, and it’s going to be massive.
If you are a bull, you would expect a front run of the mid-range or the mid-range to hold.
If you are a bear you would expect a breakdown below the mid-range and another possible re-test of range low which won't be a good sign for bulls.
Overall on HTF no matter what scenarios plays out or for how long we range, the overall market structure is still bullish until proven otherwise.
Source:thescalpingpro on Twitter/X
