Hello,
Since the last moth $BTC is range bound between $30000-$41500 and lots of backorders must have been placed in this range for both the sides.
- In last one moth $BTC has tested 4 times the $30000 support zone, that is why it has become weak & now if it manage to reach there again, then it might not hold this time & we may see the bearish measured move with third leg forming which will lead us to $16000-$20000 range in coming weeks.
- On daily time frame, it has taken a strong support with nice volume follow through and has formed bullish divergence on RSI which is +ve sign for now.
If BTC climb through this consolidation zone and manage to breach $41500 level with strong volume behind it then we can expect $47000 & $53000 range in coming weeks where weekly lower high will be formed.
- Right now $BTC looks bullish with hammer candlestick formed at support yesterday & confirming "HH' & "HL" on daily candlestick pattern today. we might see breakout from this consolidation zone in coming week or two.
Since the last moth $BTC is range bound between $30000-$41500 and lots of backorders must have been placed in this range for both the sides.
- In last one moth $BTC has tested 4 times the $30000 support zone, that is why it has become weak & now if it manage to reach there again, then it might not hold this time & we may see the bearish measured move with third leg forming which will lead us to $16000-$20000 range in coming weeks.
- On daily time frame, it has taken a strong support with nice volume follow through and has formed bullish divergence on RSI which is +ve sign for now.
If BTC climb through this consolidation zone and manage to breach $41500 level with strong volume behind it then we can expect $47000 & $53000 range in coming weeks where weekly lower high will be formed.
- Right now $BTC looks bullish with hammer candlestick formed at support yesterday & confirming "HH' & "HL" on daily candlestick pattern today. we might see breakout from this consolidation zone in coming week or two.
