BTC has been in a trading range since May 2020, for the last couple of days, it's been in an uptrend to test the upper range.
There are 2 possibilities at the moment :
- The first one: it breaks the trend line to test 9360-9400 ish levels, then depending on the price action we will determine its next move.
- The second one: bounces off the trend line to test the last high 9730 ish, or to the upper trading range at 9800 ish.
For the moment, I recommend holding trading to see which scenario it will follow.
There are 2 possibilities at the moment :
- The first one: it breaks the trend line to test 9360-9400 ish levels, then depending on the price action we will determine its next move.
- The second one: bounces off the trend line to test the last high 9730 ish, or to the upper trading range at 9800 ish.
For the moment, I recommend holding trading to see which scenario it will follow.
As we can notice, the price followed the first scenario and broke the trend line to test the above-mentioned support levels as seen in the pic.
Now we are entering a bearish trend and we will see whether the support level holds or breaks it to visit the lower level as seen in the pic as well.