Bitcoin left its downtrend to form a range. A compression figure is in creation, its outcome will be decisive for the medium-term trend.
- Pivot at 6800 USD
- Compression pattern
Bitcoin is in a compression pattern, if he leaves it on the rise (6800USD) we’ll go back to 7700 USD.
Our analysis are entirely done on Binance charts
Bitcoin has just left its downtrend and marks the formation of a compression pattern. A return to the rise is therefore possible, buyers are regaining control of the market and could move the pivot to 6800 USD. If so, a return to 7700 USD is expected. Nevertheless, passing the pivot will not be easy. We have reached a major resistance and our indicators are already evolving very largely in the overbought zone, a return to 6500 USD remains possible before buyers will test the 6800 USD.
How to take position?
For now, the structure is bullish but better not to take a position: We are under a major resistance (6800). It will be necessary to wait until the resistance is broken to take a position towards the 7500 USD, or conversely, a return to 6500USD.
SHould we expect a new correction?
It doesn’t seem so. Nevertheless, in the short term, a fall in prices remains possible. The resistance at 6800 USD will not be easy to move, range movements could continue in the coming days, but a new correction “major” seems unlikely. On the other hand, a return to 6300 or 6500 USD remains possible.
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Key Levels :
- Essentials resistances : 6800 – 7700
- Essentials supports : 6500 – 6300
Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory
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Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.