As we can see, Bitcoin has created a bullish channel that at the moment has presented 2 fake breakouts, always returning to the bullish channel but without breaking it down. This could be good news, however the new highs have been made with less and less volume in 4-hour candles.
Currently the price is struggling with a resistance between $ 24,050 - $ 24,100, which is one of the resistances that can be obtained by analyzing the orderbook.
In previous hours we have seen the price bounce off the 200 moving average in 1 hour candles which also coincided with the 50 moving average in 4 hours candles.
The immediate future for Bitcoin is to follow the bullish channel (highlighted light blue color). In the event of a breakout we could be confident that the price will bounce back off the moving average moving average supports, but if it fails, which is unlikely, we have great support according to the orderbook at $ 20,600.
If it try to breaks the previous bullish channel again, it would be best to wait for a confirmation, a throwback, without actually re-entering the channel. This could be a clear target entry for the upper part of the outer bullish channel (faded light blue), between $ 25,250 - $ 25,500.
Orderbook support / resistance analysis:
$25 200 -- Resistance
$24 900 -- Strong resistance
$24 150 -- Resistance
$24 050 -- Current price
$22 000 -- Support
$21 950 -- Strong support
$20 600 -- STRONG SUPPORT
Currently the price is struggling with a resistance between $ 24,050 - $ 24,100, which is one of the resistances that can be obtained by analyzing the orderbook.
In previous hours we have seen the price bounce off the 200 moving average in 1 hour candles which also coincided with the 50 moving average in 4 hours candles.
The immediate future for Bitcoin is to follow the bullish channel (highlighted light blue color). In the event of a breakout we could be confident that the price will bounce back off the moving average moving average supports, but if it fails, which is unlikely, we have great support according to the orderbook at $ 20,600.
If it try to breaks the previous bullish channel again, it would be best to wait for a confirmation, a throwback, without actually re-entering the channel. This could be a clear target entry for the upper part of the outer bullish channel (faded light blue), between $ 25,250 - $ 25,500.
Orderbook support / resistance analysis:
$25 200 -- Resistance
$24 900 -- Strong resistance
$24 150 -- Resistance
$24 050 -- Current price
$22 000 -- Support
$21 950 -- Strong support
$20 600 -- STRONG SUPPORT
