Long

BTCUSD

By dbs2020

Updated

Over the past 5 months, BTC has been in an upward trend. Firstly, recovering from a panic sell-off due to Corona virus. Secondly, finding support at previous levels before the panic consolidating for weeks, almost as if it was deciding whether or not it really had the strength to live among the 10,000's again. In any case, the stable coin consolidation period experienced between May and lat July provided solid support for the next jump. And boy did it jump, smashing through psychological resistance of 10,000, resistance at 11,000, and all the way up to test 12,100. At its current levels, we see volume tapering off and price finding comfortable support above 11,000. Over the next 3-4 weeks, I expect to see BTC consolidate a maintain a trading range between 11k and 12K. After 3-4 weeks we can expect the trend to continue within the upward channel to test 12,100 once again. If BTC manages to clear this resistance I expect a new consolidation and trading range between 12,100 and 13,200 through to mid-September.

Note

Here is another channel that price action can follow in a healthier, steadier rise in price. Shown it also a trend line connecting peak from the previous bull run high in June 2019 to present day - indicating breakout from long-term price structure.

dbs2020

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