The next 48-72 hours should give us a good indicator as to whether Bitcoin can finally break the bearish trend over the past 2 months since the 20k ATH. Following an initial breakout past the long term downtrend we have seen it pull back to ~11k.
There is now potential support below in the form of the bullish channel from the past week and some previous resistance turned support in the 10.2-10.4k range.
However there is some previous resistance at 11.2k we now need to break through again, alongside the long term bearish trend which currently sits at around 11.1k. We will need decent volume to push us through these and then the big resistance comes at 11.9k.
Volume currently doesn't look high enough and bulls may be out of energy putting us at risk of retracing back down. I'm feeling mildly bearish, but right now it's hard to take a strong position other than playing the swings
There is now potential support below in the form of the bullish channel from the past week and some previous resistance turned support in the 10.2-10.4k range.
However there is some previous resistance at 11.2k we now need to break through again, alongside the long term bearish trend which currently sits at around 11.1k. We will need decent volume to push us through these and then the big resistance comes at 11.9k.
Volume currently doesn't look high enough and bulls may be out of energy putting us at risk of retracing back down. I'm feeling mildly bearish, but right now it's hard to take a strong position other than playing the swings