The price of Bitcoin seems to have found its direction up South. However, there is a strong double resistance right now: the red dashed upper border of the channel and resistance R1 at 10’720. I expect that BTCUSD will fluctuate that level for a while. I have no open trade right now. I stay still at the sideline. I will start a new trade once hurdling resistance R1 confirms the uptrend.
The Pivot Point system reflects this new uptrend and the higher momentum with wider spacing between the support and resistance levels. Pivot Point is at 10039. Next targets are around 12,000 and at 13017.
The Pivot Point system reflects this new uptrend and the higher momentum with wider spacing between the support and resistance levels. Pivot Point is at 10039. Next targets are around 12,000 and at 13017.
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Here a closer look to the area around the red dashed upper channel border.
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Another attempt to overcome the R1 resistance at 10720. However, the fugures published were worse than expected and I think that BTCUSD will be locked below R1 for a while.
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The breakout from the trend channel has not worked yet. We are still waiting for a confirmation of new established uptrend. Don't trade hastely before the new trend is confirmed. It might be a bull trap.
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I just zoomed into the area between the red dashed upper border of the channel and R1 resistance. Bulls and bears are involved into a hard battle about the direction of the price of Bitcoin. The outcome is still uncertain.