Bitcoin was in the Bullish Trend line but it could not continue the rally and Bitcoin broke the Bullish Trend Line. Bears took uncalled control over the market, mid of the week. But we saw it coming.
Yesterday we posted the Bitcoin Price Update with two scenarios, two one was the wedge pattern predicting that the price can move any direction on closing wedge. Yesterday the hopes for continued growth were killed by the fact that the bulls could not overcome even the local resistance and the bears cheerfully pushed the price down, practically meeting no obstacles on their way.
And shortly after reaching my calculated level at $31873, the bulls began to buy, and not by limits, but by the market, the level is being protected, but while the bears substitute and substitute the sell limits. If the bulls do not run out of strength and the bears begin to give up, then we are waiting for the return to level and it looks like while I’m writing this, the bears are starting to lose positions, I’m waiting for the hour to close above $32800. Currently trading at $326550, there is a strong accumulation zone down the price and the buying whales are waiting to buy at the red region however we may see the price nearing the $31000 range before an actual breakout, nothing to freak out.
Bitcoin Broke Bullish Trend Line: Fib Tracement Support and Resistance
According to the Fib Retracement tool, however, we see support at $30700 if there are more bears but I will vote for it to break the above Fib resistance of $33000.
The long and short position Ratio plays an important role to build the traders’ psyche to trade and currently the ratio is kind of normal on both sides as 55.28% are the long Open Position at the moment and 44.72% short positions.
DYOR before trading.