At time of writing, Bitcoin is trading at $ 34,942, shedding nearly 6% in the last 24 hours, engulfed in sideways behavior that is setting the bulls to shake, in what appears to be preparation for a major drop.
The price has been locked in a triangle-shaped range, a formation that generally indicates a break from the previous trend before continuing, but at the current price points, more than one thinks that we could be hours away from a strong correction.
It is healthy enough that a correction occurs soon, but it is not the most likely yet. We should first see an effective bearish breakout of the price range for the bears to claim victory.
Let’s see below what the BTC price charts tell us.
It’s a good time to correct, but the incredible bullish force tells us that we should only watch from the outside
After a bullish rally that has already accumulated 140 days without making any healthy correction, of course a lateralization like the current one makes us think that Bitcoin is preparing for a greater fall.
However these are just speculations, and the incredible strength that the bulls bring tells us that even though a major correction is likely to occur, at any moment they could surprise us again and push the price towards new highs.
It is never a very good idea to go against the trend. If a setback occurs, it is welcome, which is already quite necessary at this time, always bearing in mind that it will only be a respite before continuing to climb.
For the moment the odds remain on the bullish side, however developed the current momentum is. In order for BTC to confirm to us that it has resumed its previous trend, the resistance at $ 39,144 must be broken.
If the bears want to create a clear bearish scenario for Bitcoin, they must first smash through the immediate support at $ 34,049. Even with that happening, intent could quickly be stymied with the demand zone between $ 28,130 and $ 32,000, giving way to an even longer side period.
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