This week we look to expand our crypto portfolio, but is bitcoin itself ready to move in our direction.
Though bitcoin price has been hovering around the bullish side yet we envisaged last week that there will be a move to the upside despite an unavoidable extended ranging market.
Bitcoin price has been held bound within the ranges of $11,988 and $11,443 and is yet to gain momentum outside this region.
With much expectation, bitcoin price bounced towards $12,400 but could not sustain the momentum giving a false breakout. A lot of persons would have made a loss right there else those who traded short-term.
This week we expect bitcoin to break the present range. The direction may be uncertain as bitcoin price tends to form a head and shoulder pattern. If this pattern completes then we are certain for a drop below the present support price.
If the support breaks then we wait for a retest of the support level before selling downwards else vice versa.
Looking at the technical indicators:
- Major Support Level – $11,465