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Bitcoin continues to consolidate …

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BITCOIN DUMPING! | EXPLAINED | Consolidation Continues …

Bitcoin continues to consolidate ...

Bitcoin Continues To Consolidate Under Important Resistance
CONTENT

  • Bitcoin support and resistance are located at $ 29,000 and $ 33,700, respectively

  • BTC rate moves along the line of downward resistance

  • Near-term indicators are showing signs of bullish reversal

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Bitcoin (BTC) has resumed its consolidation after the January 25 bounce. The direction of the short-term trend remains unclear, but the most likely scenario is a rebound to at least $ 33,700.

BTC remains hesitant

After the bounce on January 25 bitcoin (ВТС) pulled himself together and formed a candlestick with a long lower wick on the chart, while closing with a slight increase.

However, wicks on either side of the candlestick indicate market indecision. This promises the pair consolidation before it decides on a further direction..

Bitcoin continues to consolidate ...

Technical indicators are giving bearish signals, and BTC is trading below the $ 33,700 resistance area. Meanwhile, the immediate support is at $ 29,000..

How long will Bitcoin take to determine its direction? Share your opinion in the comments and join the discussion in our Telegram channel!

Schedule MTC. Source: TradingView

Approaching resistance

Bitcoin appears to be trading within a parallel descending channel, which is generally a corrective structure. Currently, the BTC rate is facing resistance from the median channel line and the likely downward channel line, which the market has already tested for strength three times..

A rise in BTC above $ 33,200 will indicate a pure bullish break above both of these resistance levels.

Technical indicators are gradually turning bullish but have not yet confirmed the likelihood of a bullish breakout.

Schedule MTC. Source: TradingView

The shorter 2-hour chart shows signs of a reversal as the RSI is giving some bullish divergence signals. However, they cannot be called significant..

Nevertheless, it is likely that BTC will try to attack the resistance line at least one more time, and only after that it will decide in which direction to break out – north or south..

Schedule MTC. Source: TradingView

Wave analysis

Bitcoin continues to consolidate ...

The results of the wave analysis suggest that the long-term trend is bearish, and the price may decline to at least $ 28,000. However, the medium-term forecast promises Bitcoin another bullish move, and only after that the pair will begin to decline towards the specified target.

According to the most probable scenario, sub-wave C (orange) may rise to the upper border of the channel by $ 38,000. However, it is very likely that the sub-wave will form a decreasing high, since this move is still at its initial stage..

Schedule MTC. Source: TradingView

Conclusion

Thus, at the moment, the direction of the trend remains uncertain, but the most likely option remains the scenario in which the bitcoin rate will make another rebound, after which it will begin a large-scale decline.

You can read the previous Bitcoin forecast here.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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