Bitcoin breaking out and facing strong resistance
Bitcoin breaking out and confirming a bull flag, but facing strong resistance at the y
monthly pivot level.
Bitcoin has recently broken out of a bullish flag pattern, which is a continuation pattern indicating a potential upward trend continuation after a brief pause. This breakout has been accompanied by high trading volume, indicating strong bullish sentiment among traders.
However, BTC has faced strong resistance at the monthly pivot level, which has acted as a significant barrier to further upward movement. This is not uncommon, as pivot levels are commonly used by traders to identify potential turning points in the market.
While BTC has been able to break out of the bull flag pattern, the strength of the monthly pivot resistance suggests that further upward movement may be difficult in the short term. Traders should be cautious and wait for further confirmation of upward momentum before entering new long positions.
One factor that could potentially impact the movement of BTC is the upcoming Powell testimony. Jerome Powell, the Chair of the Federal Reserve, is scheduled to testify on the state of the US economy and monetary policy. This testimony could potentially provide insight into the Fed's plans for interest rates and monetary policy, which could impact the value of BTC and other cryptocurrencies.
Based on the monthly pivot levels for BTC, traders should closely monitor price action around the pivot level and wait for a clear breakout above this level before entering new long positions. The Powell testimony could also provide important insight into the direction of the market, so traders should remain vigilant and adjust their positions accordingly.
For the time being it is expected for
BTCUSD to retreat and go towards the lower monthly level of $28470. Failure to hold above or in between the pivots will result in further downside. on the contrary, remaining within range or closing above the monthly pivots will fuel buyer demand which will shoot the price up to $31,700.
monthly pivot level.
Bitcoin has recently broken out of a bullish flag pattern, which is a continuation pattern indicating a potential upward trend continuation after a brief pause. This breakout has been accompanied by high trading volume, indicating strong bullish sentiment among traders.
However, BTC has faced strong resistance at the monthly pivot level, which has acted as a significant barrier to further upward movement. This is not uncommon, as pivot levels are commonly used by traders to identify potential turning points in the market.
While BTC has been able to break out of the bull flag pattern, the strength of the monthly pivot resistance suggests that further upward movement may be difficult in the short term. Traders should be cautious and wait for further confirmation of upward momentum before entering new long positions.
One factor that could potentially impact the movement of BTC is the upcoming Powell testimony. Jerome Powell, the Chair of the Federal Reserve, is scheduled to testify on the state of the US economy and monetary policy. This testimony could potentially provide insight into the Fed's plans for interest rates and monetary policy, which could impact the value of BTC and other cryptocurrencies.
Based on the monthly pivot levels for BTC, traders should closely monitor price action around the pivot level and wait for a clear breakout above this level before entering new long positions. The Powell testimony could also provide important insight into the direction of the market, so traders should remain vigilant and adjust their positions accordingly.
For the time being it is expected for
BTCUSD to retreat and go towards the lower monthly level of $28470. Failure to hold above or in between the pivots will result in further downside. on the contrary, remaining within range or closing above the monthly pivots will fuel buyer demand which will shoot the price up to $31,700. 
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