Bitcoin's trend can turn into a range again
Yesterday, Bitcoin saw another attempt by buyers after hitting the support range of $23,270 to $23,370.
According to the previous analysis, we did not expect a deep correction of Bitcoin due to the high strength of the bullish wave.
On the other hand, due to the support of heavy resistances, Bitcoin's trend can turn into a range again.
The price of Bitcoin is still inside the ascending channel and in the upper half of this channel (which you can see in the chart). The potential to hit the resistance range again is still there.
Even the negative divergence in the 4-hour timeframe due to the reversal warning has not been observed yet. But it is necessary to always consider various risks and possibilities in this market. As long as Bitcoin's short-term support holds, there will be potential for short-term gains in altcoins.
According to the previous analysis, we did not expect a deep correction of Bitcoin due to the high strength of the bullish wave.
On the other hand, due to the support of heavy resistances, Bitcoin's trend can turn into a range again.
The price of Bitcoin is still inside the ascending channel and in the upper half of this channel (which you can see in the chart). The potential to hit the resistance range again is still there.
Even the negative divergence in the 4-hour timeframe due to the reversal warning has not been observed yet. But it is necessary to always consider various risks and possibilities in this market. As long as Bitcoin's short-term support holds, there will be potential for short-term gains in altcoins.
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