When we look at the development of the Bitcoin price, we have seen only low volatility and movement in one price corridor for the last two months, between $ 30K and $ 40K.
On the one hand, it is a good confirmation for BTC that it has found a price zone where traders feel comfortable, but on the other hand, it is a boring period for volatility lovers.
So let's look at this analysis to see if this can change in the near future and what indicators suggest it.
Among the important indicators that can be the impulse for a change in BTC behavior is hidden bullish divergence. This signal appeared on the daily time frame after lower lows on the price action and higher lows on the Relative Strength Index (RSI).
The second also very important indicator is the creation of a triangular pattern on the RSI indicator. As you can see in the chart in this pattern, lower highs have been created which allows us to predict when BTC will leave this triangle and we will probably see another interesting price action.
If this triangular pattern worked, a more significant price movement could be seen as early as the middle of this month.
As for the preliminary prospects created based on these and other events, it is highly likely that BTC will try to attack $ 40K, but to confirm the bullish direction, it is necessary to overcome $ 42K (resistance).
- Resistance at $ 42K - $ 43K
- Resistance at $ 50K - $ 48K
- Key support in the area of $ 28K - $ 30K
- Next support at $ 22.5K