Will BTC finally break out of this trading range? $70k+ BTC
Bitcoin has been trading between $60-70k region since March 1st.
This is the 3rd time we are bouncing off of support (green shaded area) near 60k.
As long as we don't break below the 61k support zone, BTC should pump from here back towards the 70k resistance region (red shaded area).
If we close above the ATH BTC will likely pump to the 80k region pretty quickly.
If we fall below 61k, BTC will probably make an aggressive move down to $48-50k region first, before we pump to a new ATH.
The price action right now is very similar to what happened after we hit the last ATH in April of 2021, so we may see a double top formation as we did then.
Furthermore, the last 3 times we bounced off of the support zone (the green shaded area) the price recovered by 13-15% in 3-7 days. So if history repeats itself we should see BTC price back around 70k or higher by Sunday April 21st and if we break resistance (the red shaded area) we will likely be shooting for a new ATH.
Summary:
LONG BTC if price is above 61k
SHORT BTC if price falls below $61k
This is the 3rd time we are bouncing off of support (green shaded area) near 60k.
As long as we don't break below the 61k support zone, BTC should pump from here back towards the 70k resistance region (red shaded area).
If we close above the ATH BTC will likely pump to the 80k region pretty quickly.
If we fall below 61k, BTC will probably make an aggressive move down to $48-50k region first, before we pump to a new ATH.
The price action right now is very similar to what happened after we hit the last ATH in April of 2021, so we may see a double top formation as we did then.
Furthermore, the last 3 times we bounced off of the support zone (the green shaded area) the price recovered by 13-15% in 3-7 days. So if history repeats itself we should see BTC price back around 70k or higher by Sunday April 21st and if we break resistance (the red shaded area) we will likely be shooting for a new ATH.
Summary:
LONG BTC if price is above 61k
SHORT BTC if price falls below $61k
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