monitor this price range each and every time the price of bitcoin has tried to break out of the previous support line the previous support line has always rejected the price and after that we have seen a price reiteration what I mean by that the line which previously acted at the support acted at the resistance and after that we saw this bigger price retracement again and this exact scenario is also unfolding right now in price action a bitcoin the line which previously acted as a support is rejecting the price at this current stage around 39000 price area not just only not just only this previous temporary support line what we can also do is add this falling trend line tried to break out of this falling trend line we got a rejection and now if you would add another falling trend line to the downside then you can see the price of bitcoin is forming this broadening wedge considered as a bully scenario but for that to happen here in the short term we have to overcome this obstacle the previous temporary support line lying around 39000 here in a smaller time frame and also the resistance from this falling trend line so now what we want the price of bitcoin to do break this resistance from the falling trend line and also the previous support line if do manage to do that then guys here in the short term the price of bitcoin could be showing this bullish movement to us this 40700 range because we know guys if you look at this whole price movement using this Fibonacci extension line from swing low till swing high you can see the price of bitcoin if it's going to be a breakout then we could be getting gravity difference towards this 100 Fibonacci extension line so 100 Fibonacci extension line is lying around 40800 range so that's why guys here in the immediate short term if the price of bitcoin manages to break out of this 39000 and for confirmation 40000 into support then this could be a slow move towards this 100 Fibonacci exchange line which is lying around 40800 or 40700 price range
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.