BTCUSD Trend Analysis| Bullish Price Action| Local RangeEvening Traders,
Today’s second analysis – BTCUSD- price action is making consecutive higher lows and higher highs. This allows us to have a macro bullish bias towards the market.
Points to consider,
- Key Dynamic Support
- Price Action Range
- Declining Volume
The key invalidation for the uptrend will be on a break of dynamic support. BTC has been respecting it as support ever since the covid candle.
Immediate price action is likely to range trade towards the rest of the year. The range is from the $10,000 level to the $12,000.
The volume profile is still declining, an influx is likely to coincide with a break that is likely to happen years end.
Overall, in my opinion, from a trend analysis perspective, BTCUSD is in a bull market, pull backs are considered buy opportunities.
Hope this analysis helps
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