Looks like the bulls have finally managed to take control after a long sideways battle.
In our previous analysis posted on CoinMarketCap Alexandria, we expected the price to continue the rally after breaking above the $17,700 level. We had anticipated the price to test the resistance at $19,750, which was seen on Monday. BTC extended its gains to $21,660 before being rejected by the supply zone.
At the time of writing, it looks like BTC is consolidating after the strong rally. Traders can expect a sideway movement for a few days between the range of $20,000 and $21,700.
Once the price is able to break out of the sideways zone, the path to the next resistance at $22,800 will be clear.
However, traders must be cautious as this consolidation could also lead to a breakdown of the support at $20,000. If this breakdown happens, expect the price to plummet to $17,700 once again. To be safe, traders can wait for a breakout from the consolidation phase.
The major points of interest are $20,000 and $21,700.
In our previous analysis posted on CoinMarketCap Alexandria, we expected the price to continue the rally after breaking above the $17,700 level. We had anticipated the price to test the resistance at $19,750, which was seen on Monday. BTC extended its gains to $21,660 before being rejected by the supply zone.
At the time of writing, it looks like BTC is consolidating after the strong rally. Traders can expect a sideway movement for a few days between the range of $20,000 and $21,700.
Once the price is able to break out of the sideways zone, the path to the next resistance at $22,800 will be clear.
However, traders must be cautious as this consolidation could also lead to a breakdown of the support at $20,000. If this breakdown happens, expect the price to plummet to $17,700 once again. To be safe, traders can wait for a breakout from the consolidation phase.
The major points of interest are $20,000 and $21,700.
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