Bitcoin, we hope that the $42k level will withstand resistance❗
We decided to analyze the bigger timeframe. For all the rules of technical analysis, the bigger the timeframe, the more important formations of technical analysis are.
Globally, bitcoin is still in the trading range of 30K - 60K. Super important levels are the upper boundary, the lower boundary and the middle of the trading range.
A few days ago, the price closed above the middle of the range ( $42 k). This is a very good signal. But now the price is testing this level as support. If the level holds, the price will continue its upward movement to the liquidity gap and possibly higher.
In case it breakout and closes lower, a bearish formation, called a false breakout, will be formed on the chart. After that, the correction will continue and the probability that the price will reach the level of 30 k$ increases.
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Globally, bitcoin is still in the trading range of 30K - 60K. Super important levels are the upper boundary, the lower boundary and the middle of the trading range.
A few days ago, the price closed above the middle of the range ( $42 k). This is a very good signal. But now the price is testing this level as support. If the level holds, the price will continue its upward movement to the liquidity gap and possibly higher.
In case it breakout and closes lower, a bearish formation, called a false breakout, will be formed on the chart. After that, the correction will continue and the probability that the price will reach the level of 30 k$ increases.
💚 Please like and subscribe to us to get more ideas like this.
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