BTCUSDT ! The price is in narrow consolidation. What next? 🤖

Bitcoin has broken through the resistance of the 23362 range upwards and is currently stuck in a very narrow consolidation between the 24200 and 23362 levels.

On the chart I have outlined a few reasons why I am leaning more towards the short scenario, even though we have a visible upward channel, but we should not rule out a long scenario.

Bitcoin has been trading in a sideways range for a long time and started to form an uptrend channel at some point. The price is making excellent boundaries and is trading near the resistance zone at the moment.

The cryptocurrency may not have strong news and positive leverage for further strong moves, so I will wait for a drop from the resistance zone.

On the chart I have marked two medium term targets. For the long scenario: resistance at 26700. For the short scenario: the support zone of the 21650 range.

Regards R. Linda!

Transaction en cours:

+6% in moment

Commentaire:

Bitcoin is following the bears and is likely to choose the short scenario. A correction is forming in the local rising market