Bitcoin struggles to move the pivot to 6800 USD. After three failed attempts, the buyers are once again trying to break the resistance.
- Compression figure output
Buyers must break the pivot at 6800 USD to fetch the resistance at 7200 USD.
Our analysis are entirely done on Binance charts
Pressure is increasing on the pivot at 6800 USD. Buyers are trying to break the resistance and could do it in the next few hours. Indeed, the bottom uptrend is still intact, we have just left our compression pattern and the signals on our indicators are still bullish. The beginning of the week will be crucial, Bitcoin must stay above the newly formed support at 6600 USD. If the sellers manage to break the support, it will be expected a return downward to 6000 USD. For now, the trend is still very uncertain, we are still in the range between 6000 and 6800 USD. Although the pressure is bullish, the move will not be confirmed until buyers close in daily above the pivot at 6800 USD.
How to take position?
We are still waiting for the pivot at 6600-6800 USD to be broken to resume position. Buyers seem in a good position.
Should we expect a new correction?
For now, the underlying trend is bullish. However, in case of a return under support at 6600 USD, a correction will be possible.
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- Essential ressistances: 6800 – 7200 – 7800
- Essentials supports : 6600 – 6000
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