Bitcoin (BTC) Price Coils Up Within a Range, Which Way Will It Break?

Analyst Josh of Crypto World took to his latest analysis video and explained Bitcoin's current price trend. Despite the current market conditions, the analyst remains bullish on Bitcoin's larger trend.

Crypto World analyst Josh recently shared his insights on Bitcoin's current price trend in his latest analysis video. Despite the current market conditions, the analyst maintains a bullish stance on Bitcoin's larger trend.

According to him, it has been almost a month since the current signal appeared, indicating that a move in Bitcoin's price is likely to occur soon. This move could happen any day now, with a 30% price swing potentially driving Bitcoin down to around $48,000 or up to about $90,000. Watching for either a break above resistance or below support will help determine the direction of this move. The larger bullish trend, however, suggests that a bullish move is more probable.

What’s next for Bitcoin?

Examining the daily Bitcoin chart, we can see that Bitcoin is currently trading within a choppy sideways range, bounded by a support zone at $67,000 to $68,000 and a resistance zone at $72,000 to $74,000. This indicates a relatively neutral short-term outlook. If Bitcoin manages to break above the $72,000 to $74,000 resistance level, which is also close to the all-time high, it would signal a likely continuation of the bullish trend, suggesting a significant upward move.

Meanwhile, on the 3-day Bitcoin chart, a potential inverse head and shoulders pattern is forming, which could indicate a bullish breakout if Bitcoin breaks above the neckline at around $71,700. Confirmation of this breakout, ideally with a 3-day candle closing above $73,000-$74,000, would activate a bullish target of $86,000-$87,000.

What if the bears take over?

On the other hand, if Bitcoin drops below $67,000, it could fall further to the $63,000 to $64,000 range. A break below this level, especially if it falls below $60,000 to $61,000, would signal a bearish trend, potentially pushing Bitcoin down to around $50,000.

However, the daily chart also shows that the US Dollar Index (DXY) is experiencing a short-term bounce, which could be a potential bearish signal for Bitcoin and crypto in the short term. A bullish trend in the DXY is usually bearish for Bitcoin and crypto, while a bearish DXY trend is typically bullish for Bitcoin and crypto.

Also Read: Binance Price Plummets 15% Since ATH! BNB Coin To Retest Its $550 Mark Soon?