BTCUSD - Currently on Range, Still on Long-term Uptrend
In the last days, Bitcoin has been ranging between the 45.5 K and the 52K.
Currently, Bitcoin is just above the support zone around 46K and the trend-line. In case of breaking down that confluence zone, we can expect more downside movement. The next big support is around 40K.
As long as BTC stays above the 40K, we are still in the long-term uptrend. Below that zone, the asset enters in bearish territory, given that a previous higher low would be broken.
The next nearest resistance lies in the 51K - 52K zone. In order to start a new uptrend, bitcoin should break (and possibly make a throwback) to that zone.
Summary:
- In the short-term the price of bitcoin can trade between the range.
- In case of breaking down the bottom of the range, we can expect more downside movement.
- The 40K is a strong support. If the asset falls below that level we will be entering in bearish territory.
- We consider that BTC is still in a long-term uptrend.
- To continue the upside trend, the asset should break the 52K resistance.
Currently, Bitcoin is just above the support zone around 46K and the trend-line. In case of breaking down that confluence zone, we can expect more downside movement. The next big support is around 40K.
As long as BTC stays above the 40K, we are still in the long-term uptrend. Below that zone, the asset enters in bearish territory, given that a previous higher low would be broken.
The next nearest resistance lies in the 51K - 52K zone. In order to start a new uptrend, bitcoin should break (and possibly make a throwback) to that zone.
Summary:
- In the short-term the price of bitcoin can trade between the range.
- In case of breaking down the bottom of the range, we can expect more downside movement.
- The 40K is a strong support. If the asset falls below that level we will be entering in bearish territory.
- We consider that BTC is still in a long-term uptrend.
- To continue the upside trend, the asset should break the 52K resistance.
Penafian
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