The price of Bitcoinย (BTC) has been consolidating duringย a very narrow range throughout the lastย week which was followed by a rejection at $30,000 levels and a subsequent breakdown of the 50-day MA of around $29,000. Until the last trading day, the bearish target was set at around $25,000 but theย pastย few upswing shed light on the likelihoodย of the retest of the 50-day MA levels.ย
The Bitcoin bulls seemย to have dominated the market with strong momentum as they regained control after a sharp pullback. Holding the same momentum, the bulls are now attemptingย to push the prices towards theย following resistance level of $28,000. If they succeed to do so, then it may signal the resurgence of a company upswing that may signal an extended Bitcoinย (BTC) rally.ย
Nonetheless, the upswing may still continue for another 3 months as theย following upswing is predicted anytime in theย following fortnight.ย
Source: Tradingview
Seeingย as the weekly chart it isย very evident that the Bitcoin price is trading over some strong support levels, over EMA-21, EMA-50 and MA-200 with a strong RSI at 55.5. Hence, on a positiveย tendency note, the consolidation may continue for another 1.5 to 3 months before theย following breakout.ย
Furthermore, in the daily chart, some diverse price actions couldย be witnessed as the Bitcoin price formed a positiveย tendency hammer, some days ago. Furthermore, the price continued to trade below this hammer which compelled the price to consolidate more before a breakout. Until the Bitcoin price trades over $25,000, it is considered to be under positiveย tendency influence and if it breaks a steep fall below $20,000 is imminent.ย
