BTC ALERT!! ACUMULATION & DISTRIBUTION
Bitcoin has been consolidating after its recent surge, continuously testing the 6-hour above-resistance. In the meantime, the trend support has been increasing, and today, the price is meeting the support in order to test the trend's strength. It still needs to test the last broken resistance at 28.9k; this resistance, which previously rejected the price for an extended period, has now become support and is concurring with other timeframes that support this level.
Most likely, Bitcoin needs to confirm the presence of support at 30k in order to validate the recently formed structure. I believe a good buy-back price is in the range below 30k. The price can easily meet that level and rebound from there. Another possibility is a sideways market below 30k for slightly longer, allowing for further consolidation and accumulation. Meanwhile, resistance could compress, setting the stage for a final bullish breakout attempt.
Most likely, Bitcoin needs to confirm the presence of support at 30k in order to validate the recently formed structure. I believe a good buy-back price is in the range below 30k. The price can easily meet that level and rebound from there. Another possibility is a sideways market below 30k for slightly longer, allowing for further consolidation and accumulation. Meanwhile, resistance could compress, setting the stage for a final bullish breakout attempt.
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