BTC - Continued Consolidation Under $25,000
Updated
Last week we called the following levels, with the value gap overhead acting as resistance.
"Resistance: 24.3k,
29K, 30k
Support: 24.2k, 22.8k, 21.7k, 20k"
It turned out that 24.3k was the right call, being the bottom of the value gap it rejected Bitcoin for the second time since last summer.
With that rejection, bulls are forced to retreat and we we remain under the value gap in a consolidation between 22k and 25k. A bit of volatility is what we said to expect, and this will likely continue as we enter March.
Any push over
25K will need bullish momentum to reset first, and markets to accommodate the increasingly mixed news on inflation.
"Resistance: 24.3k,
29K, 30kSupport: 24.2k, 22.8k, 21.7k, 20k"
It turned out that 24.3k was the right call, being the bottom of the value gap it rejected Bitcoin for the second time since last summer.
With that rejection, bulls are forced to retreat and we we remain under the value gap in a consolidation between 22k and 25k. A bit of volatility is what we said to expect, and this will likely continue as we enter March.
Any push over
25K will need bullish momentum to reset first, and markets to accommodate the increasingly mixed news on inflation.Note
Small correction: I meant to write that the consolidation will be between 20k and 25k. While I think the 22k range has some compelling levels, intraweek wicks could dip to 20k. Personally any touches of 20k I expect to be bought up.
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