Hi friends, hope you are well, and welcome to the new update on Bitcoin.
Big wedge and a key resistance:
On a weekly time frame, Bitcoin is getting bounced from the support of $28600 and the support of a big falling wedge pattern. If Bitcoin breaks out $33K resistance, then there will be a high probability that billions of more dollars will be invested in Bitcoin's market and this can lead BTC to break out the resistance of the falling wedge pattern as well.
Short term supports and resistances:
On a short-term, hourly time frame, Bitcoin is moving between $29300, $29600, $30600, and $31700 supports and resistance levels. Right now after getting rejected by $31.7k resistance, it has tested $29.8k support and right now trying to break out the $30600 resistance level .
Descending triangle:
On a 4-hr time frame, Bitcoin is forming another descending triangle and if the king of all cryptocurrencies breaks out the resistance of this triangle, then it can break out the key resistance of $33k as well.
Conclusion:
On a short term BTC has found some resistance and also formed a triangle as well, but breaking out this resistance can lead BTC to break bigger patterns and resistance on a weekly time frame as well.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
For the best trading deals/bonuses you can signup to Bitget using the link as below:
