Bitcoin Must Close Above $107,000 To Confirm Breakout Or Risk Dropping To $98K
After a powerful rally earlier this month, Bitcoin’s price action has stalled just above $103,000 and has been caught in a tight consolidation range for over the past week. The daily chart shows consistent resistance just above $107,000, with the latest candles forming in a compressed horizontal band, indicating indecision and low momentum. Related Reading: ‘Judgment Day Is Coming’—XRP Set To Explode, Analyst Warns This price behavior could be seen as a pause before the next leg higher. However, it could also be a trap that could cause a reversal towards $98,000. Daily Close Above $107K A....
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At the end of last week, we widened out our range a little bit and headed into the weekend looking to draw on our intra range strategy in order to take advantage of volatility in the bitcoin price. Action has now matured over the weekend, and as we head into a fresh European week, we are going to revert back to out standard bitcoin price breakout strategy for today's session. So, with this said, here are the levels we are keeping an eye on today, alongside our predefined risk management parameters for the session. Take a quick look at the chart to get an idea of where we are heading. As....