Consolidation Continues with Support and Resistance Levels

Updated

In the last 24 hours, Bitcoin reacted positively after hitting the midline of its range channel in the 1-hour timeframe. However, it has not yet reached the upper limit of the channel, and the tendencies from the buyers and sellers are still not strong enough to prompt a price exit from this range. As long as Bitcoin remains above the support level of $29,500, there is potential for it to go higher. Nevertheless, for a more likely bullish scenario, it is crucial for Bitcoin to break the $30,500 resistance level in the short term. Conversely, if Bitcoin loses the support level of $29,500, it is prone to experience a significant decline towards $28,117.

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Note

Bitcoin is in a critical situation. 50 and 100 moving averages are approaching each other in the daily timeframe.

Note

The price of Bitcoin remains within a certain range while the trading volume is decreasing. Bitcoin's current signals are contradictory, leaving the outcome uncertain. A significant breakout is anticipated in the near future.

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