Bitcoin is consolidating at a key inflection point!
Will BTC/USD extend its gains?
Or will we see more losses for the king of crypto?
Bitcoin (BTC/USD): Daily
After getting rejected from the $31,500 area a few weeks ago, BTC/USD is now trading just under the big $30,000 mark.
Is the crypto headed for more losses?
Probably not until it breaks a few key support zones!
For one thing, BTC/USD is chillin’ at the 38.2% Fibonacci level of June’s upswing. Not only that, but the pair is also trading just above the 100 SMA on the daily time frame.
Keep close tabs on a pennant-like pattern on the chart! If we don’t see a breakout, then the pair may bounce lower from the falling trend line and hit levels closer to the 50% Fib or trend line support.
But if you start to see candlesticks above the pennant pattern, then BTC/USD just might extend its uptrend.
The $31,500 previous high is a good target if you’re betting on an uptrend, but you can also HODL until bitcoin hits higher resistance zones if you’d rather wait for bearish pressure before exiting a long trade.
Good luck and good trading this one!
