Welcome to the first in a weekly Sunday night series of Bitcoin Algorithm Reports, in which we analyse Bitcoin’s price action and predict what comes next.
Bitcoin has stalled after a period of coiling price action. The near term structure remains bullish and is best described as a cup and handle pattern (or perhaps an awkward right shoulder forming within a larger base).
Here are some key levels that define the current range:
There is an ascending trend line of higher lows (which sit around $63,000). This line connects multiple pivot lows and acts as the make or break support line for the bullish short term trading setup.
Horizontal resistance / breakout trigger (which sits at the recent pivot high of around $67,000). A break above this would see us move higher.
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