Bitcoin is currently exhibiting signs that suggest a potential short-term correction in the upcoming days, followed by a subsequent mid-term rebound. Over the past few weeks, the price level of $31,000 has consistently posed as a robust long-term resistance. Should this level be breached, it is anticipated that the price will ascend directly to the range of $33,000 – $35,000.
Conversely, if the bears manage to achieve a breakthrough and close below $29,000 on the daily timeframe, it will likely lead to further downward movement before a rebound occurs. Our most resilient long-term support level stands at $28,400. Comment: Update:
Bitcoin revisited the upper boundary of its channel range around $31,000 yesterday. Previous encounters with the channel’s upper limit caused negative reactions, which persist to this day. However, the previous upper boundary at $31,431 has yet to be surpassed. Consequently, the market finds itself in a precarious position, with the potential for Bitcoin to retreat to the lower end of the channel around $30,000 if the downward trend line is breached. Conversely, if the upper boundary of the channel is completely breached, the initial target for Bitcoin in the next upward movement would be around $32,000.
