Bitcoin Price Analysis: BTC Awaits a Breakout After Month Long Consolidation
Ever since BTC fell nearly 60% from ATH, it has been thrown back & forth awaiting a breakout. Investors continue to get overwhelmed with bullish & bearish news which has created a large amount of indecision throughout the cryptocurrency space. Bulls want to believe the bull market is still underway and bears are calling for the start of the bear market.
While looking at the chart, we can see the $31,000 support has held BTC price from dropping thus far. Each time it has hit this level, it has immediately revived 25%+ to $37,000. This tells us bulls are still in the market. To confirm a bullish revival trend, BTC must break and hold the major resistance zone of $38,200.
Price Analysis: BTC/USDT 1 Day Chart
Bears & bulls have been fighting for nearly a month which has created a descending channel. This formation is neutral until a trend is broken. Along with the top trend of the channel lies the 25 Day MA. Once BTC can break these two marks , a bullish revival to 40k+ will be in place. On the bearish view, if BTC fails to hold the $33,500 support, it may be in for another -20% fall. As of now, signs are pointing more towards a revival to 40k+.
While viewing the Stochastic RSI, we can see the strength is on its way back to overbought conditions. This is a great sign as long as price can break major resistance of $38,200. To confirm a potential bullish move, the regular RSI has broken over a trend line that has acted as resistance for nearly 115 days. As long as strength can break the 50 mark, a bullish trend is imminent.
BTC Intraday Levels