Bitcoin on a longer time frame seems pretty unsure of its next move, but in the short term, the asset is about to make a big move. On a 4-hour chart, the price is trading in a bullish symmetrical triangle and is approaching the apex of consolidation. However, after a brief consolidation, a significant breakout from the pattern is expected in the next 24-36 hours.
Therefore, as mentioned above, with a strong breakout of the consolidation, BTC price could eventually break through the triangle and eventually reach the upper resistance zone between $31,350 and $31,532.
Here, the price may face another rejection, dragging the price close to $30,000. However, with a sharp turnaround, the price could regain levels and also break resistance to reach $32,000.
Conversely, if in case the price fails to break out of the triangle and starts to shake, then it can drop back below $30,000 to reach $29,300. In an extended bearish case, the price could also drag to 2022 lows.
However, some metrics point to better days ahead for the crypto space to nullify all odds.
The BTC/Gold ratio is now at an important support and furthermore the Bollinger Band indicates the trend to be in the lower band, expecting a big change in the coming days as the selling pressure on both assets now fades. is merging. The ‘idle’ flow indicating that Bitcoin is in weak or strong hands remains at an all-time low, below the lows of 2014 and 2018. This indicates that older coins were not spent and newer coins are already being spent. redistributed, indicating an accumulation phase. Despite a huge drop in the price of bitcoin, the long-term holders remain the same. They are not even close to the capitulation phase.
In short, the price of Bitcoin could experience a noticeable drop in the short term or until the end of weekly trading. But it may eventually end up floating above resistance levels at $32,000 by the end of the month to start a significant uptrend ahead.
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This post 3 Metrics That Point To Bitcoin May Start A Bigger Move Very Soon!
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