A new week in the bitcoin market as bitcoin price consolidates about $59,505 and $53,722. We expect price to break through this range soon if there are more buyers or sellers in the market.
More buyers may invest in bitcoin as we see an uptrend pattern formation. This is indeed a comforting sign as even we get more confirmations from the MACD indicator.
At level $53,722, we see a huge price rejection causing the price to move up.
Our next wait is for the cross of the MACD moving averages, then we can conclude that another uptrend is forming.
Looking at the technical indicators:
- Major Support Level – $$56,236
- Major Resistance Level – $59,505
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