Bitcoin Consolidates Under Heavy Resistance, Prints Bullish Pattern: A Look At The Technicals
Portfolio Pulse from Melanie Schaffer
Bitcoin (BTC) is trading slightly lower in consolidation, following a 2% spike on Monday. The crypto has settled into an inside bar pattern on the daily chart, indicating a period of consolidation and potential continuation in the direction of the current trend. The pattern leans bullish as Bitcoin was trading higher prior to forming the pattern. Bitcoin has resistance at $31,418 and $35,593 and support at $30,050 and $28,690.
July 04, 2023 | 3:25 pm
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Bitcoin is trading slightly lower in consolidation, indicating a period of consolidation and potential continuation in the direction of the current trend. The pattern leans bullish as Bitcoin was trading higher prior to forming the pattern.
The article indicates that Bitcoin is currently in a consolidation phase, which is usually followed by a continuation move in the direction of the current trend. The inside bar pattern, which Bitcoin has settled into, leans bullish as Bitcoin was trading higher prior to forming the pattern. This could potentially lead to a price increase in the short term, however, the crypto is currently trading slightly lower.
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