Bitcoin is moving in a range. We are about to experience a breakout. But to which direction?
That is the big question because a lot has happened in the last 7days and bitcoin price seems to be slowing down. Nevertheless, we could see some spontaneous movement to the upside if more buyers take the leap.
Last week bitcoin hit the resistance $19,812 which was also our target for the climb.
We expect bitcoin to take a great move soon but the odds are in the favour of the downside as a lot of exhaustion has been shown in the last 7days.
Following our previous analysis, bitcoin price may touch $15,000 again because of the great resistance at $19,812 except this level is broken, the uptrend may not be feasible.
This week we will expect bitcoin to either break the $19,812 level to move to the upside or break the support at $18,292 to continue to the downside.
Looking at the technical indicators:
- Major Support Level – $18,292
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