The excitement of bitcoin breaking through the 34,500 area resistance has worn off and now people are looking for the next upside.
The price of bitcoin has been very volatile the past week, with surges up and down of 1K or more points back and forth essentially landing us in the same place - price floating around 36-37K
Where's my upside?
Looking at the daily chart above we can see the new range price is in. It is a messy range to be honest, alot of price action several places between 35k and 40k, but at the end of the day the latter is the next upside target.
Nothing wrong with some consolidation after the prior move higher, which is what we are currently getting. So long as we remain above 35K all is still bullish in the near-term.
Posted Using InLeo Alpha
40k+ by eoy.
Consolidation is healthy after the previous rise, as long as support around 35K holds, upside potential remains.