Over the past two weeks, Bitcoin struggled to maintain a strong bullish trend due to substantial selling pressure near the $36,000 mark. Daily candles with short bodies and long wicks created uncertainty in the crypto market sentiment. Bitcoin notably held above its local invalidation point at $34,500, thanks to market bulls supporting consolidation and guiding an impulse move based on a predetermined strategy.
According to Coingabbar Price Analysis, Bitcoin is currently encountering strong resistance at around $35,400, but if it manages to surpass this level along with $35,500, it could potentially rally towards $37,000. The 4-hour chart illustrates Bitcoin's price movement within a rising channel characterized by two upward trendlines, creating a tight trading range. The daily chart shows that yesterday, Bitcoin formed a Long Wick Doji candle, signaling indecision. If Bitcoin can maintain support at the lower channel line and the 200-hourly moving average, it may have the potential to establish a new high.
KEY LEVELS :
RESISTANCE LEVEL : $35,400-$36,000
SUPPORT LEVEL : $34,500-$34,000
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
