Bitcoin is moving with no clear direction on either side. But Bitcoin technical analysis shows 2 possible scenarios for the next move of the digital asset.
Bitcoin is exchanging hands above $29k as the price plunges 3% over the past 24 hours, according to CoinMarketCap. The 24 hours trading volume of the currency shows a 15% appreciation. BTC is holding its #1 position in the crypto market with a market dominance of over 44%. Bitcoin is moving clueless without any clear direction in the 1H price chart.
Bitcoin technical analysis
Bitcoin technical analysis presents two possible scenarios for the largest currency. The higher timeframe is bearish but the 1H chart tells a different story. The first possible scenario shows that BTC will increase from the recent price mark to above $30 collecting enough liquidity. If this happens then there are heavy chances of BTC marching to $32-$33k levels.
The second scenario shows that we might continue consolidating as discussed in the previous article until the end of this week. If this happens then we might see correction leading us to $25600 levels again. A 4H chart close below this level will invalidate the bullish thesis and could push Bitcoin price to revisit the May 12 swing low at $25,333. DYOR.