Bitcoin sits now at $30,330 at the time of writing.
Bitcoin is now inside one of the most significant support and resistance channels pf the past 2 years.
On the charts , the channel starts at a low of $28,800 and extends to a high of $31,200
In the last bull run, this level was of high significance and proved to be strong support for the Bitcoin price on more than one occasion, including Dec of 2020 and again from may until July in 2021
On the way down this was a strong level at which Bitcoin held before finally breaking lower in June of 2022.
Now bitcoin looks to have bottomed out at $15,500 in Nov 2021 and is on its way back up in the run up to the next Halving in around 380 days.
Today, after 3 weeks of resistance at the lower edge of the channel at around $28,800 bitcoin has moved up, hit the top of the channel at $31,200 and looks to be heading back to test the lower level of the channel.
So what should we expect now ?
Bitcoin looks to be heading back down to $28,800 for a retest . From there if the bullish momentum continues, it is expected that Bitcoin will move sideways within the channel for a bit longer before, continuing the upside trend with the next major resistance at around the $42,250 levels.
Please see the chart above and video link here – https://youtu.be/GuJ8668bhXw
Author – T.R
