After a strong move up on Sunday, bitcoin was able to close well above the support at $69,000. $BTC just tested this support early on Monday. Will $BTC now move upward to test the high at $73,800, or will the support be breached?
Bitcoin made a good surge on Sunday to close both the weekly and monthly time frames nicely above the $69,000 of the last bull market high. That said, the price was rejected from the $71,300 resistance, and currently the price is back down at that $69,000 support.
Bitcoin in a range
Source: Coingecko/Trading View
As can be seen from the short-term 4-hour chart above, $BTC is presently in a range between a local bottom of $69,000, and a local top of $71,300. A break of either of these two levels will likely point to which direction $BTC will take, at least in the short term.
With the strong close that $BTC made for the month of March, it is probably more likely that $BTC makes its way back up to test the all-time high again at $73,800.
Trend line respected
Source: Coingecko/Trading View
Zooming out into the daily time frame, things do look more obvious. The resistance and support levels are clearly defined, and the trend line that started nearly two weeks ago is still being respected, as long as there is no close below today. That said, there is currently the chance of a 4-hour close below this line, so caution is recommended for short-term traders.
New all-time high on horizon
Source: Coingecko/Trading View
It’s on the monthly chart where the cleanest view of the $BTC price action can be seen. This is looking more or less perfect for the number one cryptocurrency. The backtest into support at $69,000 is great for upward continuation, and should the price fall through here, very strong support awaits to catch the price at $61,000.
Tuesday could be the day when we see bitcoin start moving back to the $71,300 resistance, and with a positive break, expect to see a new all-time high soon thereafter.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
