Bitcoin price must break this level to extend 6-week winning streak

Bitcoin price must break this level to extend 6-week winning streak


[social-share align="stretched" style="button" size="m" template="6" animation="no" counters="yes" counter_pos="hidden" total_counter_pos="leftbig" buttons="facebook,twitter,parlerbutton,mail"]

Bitcoin price has been showing significant strength as Bitcoin (BTC) rallied by more than 60% in a matter of six weeks, surging from $10,000 to $16,500 and leaving many investors behind.

These investors were waiting for the close of the CME gap at $9,600, which didn’t occur. However, can the markets expect a correction to happen, or is further strength likely for the markets?

Bitcoin posts sixth consecutive green weekly candle BTC/USDT 1-day chart. Source: TradingView

Trending: Dominion Exec Bragged That He Made Sure ‘Trump Is Not Gonna Win’

The daily chart shows some crucial levels to watch. If Bitcoin’s price wants to continue its upward momentum, the previous resistance zone has to flip for support.

A similar example is shown through the previous breakout at $13,200. This area acted as resistance before the breakout but immediately flipped to become new support. This support/resistance flip warranted further continuation to $16,500.

The $15,500–$15,700 area implies the same critical construction as the previous $13,200 area. Holding the $15,500–$15,700 area means further upward continuation is likely,

Continue reading

[social-share align="stretched" style="button" size="m" template="6" animation="no" counters="yes" counter_pos="hidden" total_counter_pos="leftbig" buttons="facebook,twitter,parlerbutton,mail"]
You Might Like

Do NOT follow this link or you will be banned from the site!