Is Bitcoin Setting Up for a New Continuation?
Today’s focus Bitcoin
Pattern Trend Continuation
Possible targets 31,000 – 31,700 – 32,000
Resistance 30,500
Indicator support – EMA solid up slope CCI close a to 0 bounce
After a solid pullback to start the week, buyers charged back into Bitcoin on Tuesday, pulling back all of that session’s losses. It was a solid move that kicked into gear once sellers broke 30,000 to the downside. Despite the bullish push, buyers where once again stopped at the 30,500 area.
Today sellers remain in control, but we are wondering if they can regain control and make a new push at resistance. A test and break could set up a new trend continuation trigger, and we would like to see this year’s high and above tested if that happens.
The EMA continues to support the trend with a solid slope upwards, and the CCI came close to testing the 0 line. We would like to see the CCI move back into the oversold with a new move higher, but price is the prime focus in confirming the move.
If price moves back below 30,000 today or tomorrow, this would be a worry, and it could show buyer momentum might not be that strong. We would prefer to see yesterday’s high broken today.
Bitcoin Analysis Video
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