Last week we expected bitcoin to reach the previous high. Though bitcoin made a climb but couldn’t touch the previous high. This sideways movement shows signs of a reversal in bitcoin price.
Buying bitcoin now isn’t advised as lots of things may take another turn, even though this is speculative.
A resistance level was formed at $58,751 and a double top also formed at that level.
If the $56,759 level breaks, then bitcoin price should move lower. On moving lower, bitcoin price should touch $51,207 again.
Looking at the technical indicators:
- Major Support Level – $56,236