Bitcoin surges forward and tops out at 31035, then returns to sideways movement and gains energy. What to expect from the price?
On the global timeframe (chart on the left), we see that the price is trying to test the global high, which is around 32000-33000.
Price forms a strong correction after the first rally, but the second rally ends with a strong consolidation that resumes the rise. Bitcoin obviously enjoys strong support from buyers as there are several fundamental reasons for this: the banking crisis, the thaw and new interest from the crowd.
On the local chart, the price is forming a consolidation in the format of an ascending triangle, which can be interpreted as a preparation for continued growth. Also, the price forms a local resistance level of 30575, a breakthrough of which will mean the upcoming price strengthening to the strong target of 32376.
Moving averages serve as support
Strong support: 30000 (false breakout strategy), 29400
Strong resistance: 30575 (breakout strategy), 32376
I expect price to be in consolidation for a while and continue to test resistance at 30575, but at some point this area will be broken and price will make a new rally to 32376
On the global timeframe (chart on the left), we see that the price is trying to test the global high, which is around 32000-33000.
Price forms a strong correction after the first rally, but the second rally ends with a strong consolidation that resumes the rise. Bitcoin obviously enjoys strong support from buyers as there are several fundamental reasons for this: the banking crisis, the thaw and new interest from the crowd.
On the local chart, the price is forming a consolidation in the format of an ascending triangle, which can be interpreted as a preparation for continued growth. Also, the price forms a local resistance level of 30575, a breakthrough of which will mean the upcoming price strengthening to the strong target of 32376.
Moving averages serve as support
Strong support: 30000 (false breakout strategy), 29400
Strong resistance: 30575 (breakout strategy), 32376
I expect price to be in consolidation for a while and continue to test resistance at 30575, but at some point this area will be broken and price will make a new rally to 32376