Crypto Chiefs
Crypto Chiefs 1 minutes reading from Bitcoin

Bitcoin Consolidation Building Pressure

BTC Update -

Although yesterday we saw the most bullish move from BTC in some time, we are still trading inside the range of 18.1k- 20.4k as we have been since mid-September.

If we see a 4h candle close above 20.5k, then there is a chance that the price moves very quickly to the 21.8k resistanceĀ level and this confirms a breakout of the current range.

If we see a pull back, I am looking for the 19.7-19.5k area to hold. On the chart, this looks like an area where we should see a bounce, however, the recent rejections of the range high have seen the price move pretty quickly back towards the range lows.

A hold of the support mentioned above will confirm improvedĀ strength for Bitcoin.

The US Dollar (DXY) is really helping Crypto over the last couple of days.

We can see on the chart here that after the breakdown of the 2 month support trendline, it has shown more weakness this morning. Currently sitting on a huge support/resistance (SR) flip level, the next move from here is key.

This post is based on this twitter thread.

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