πŸš€ BTC/USD Resting at Long-term Resistance with Strong Bull Support πŸš€

2 min read

Dear traders,

Bitcoin (BTC) versus the US Dollar (USD) is building a consolidation zone before the long-term resistance trend lines. A bullish breakout could restart the long-term uptrend.

BTC/USD

Weekly chart

The BTC/USD breakout needs to be followed by a bull flag or triangle pattern to avoid any false breakouts. In that case, the nex push higher could retest the previous high and become a potential wave 3 (purple) if price can break the top. So far, two waves 1-2 seem to be completed.Β 

A bearish bounce at the resistance could create an inverted head and shoulders reversal chart pattern. A bullish bounce is expected at support. Only a break below the previous would invalidate (red x) the bullish outlook.Β 

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea

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