Bitcoin price is constantly forming multiple higher highs and higher lows within an elevated channel leading to a rally near $27,000. However, to reach these levels, the asset is required to break the current resistance, which is quite crucial. Therefore, the next 24-48 hours may turn the tables for BTC price, which may induce significant strength in the asset.
The price of BTC as of late is trending within a pre-defined area for a pre-defined period followed by a breakout towards the next levels. Currently, the price of BTC faced a rejection of $25,000 for the second time in a row and it seems to have weakened the resistance.
Therefore, a last stretch towards $23,000 is expected to instill a firm rally beyond $26,800 in the coming days.
Major support is circled in green on the chart above, while major resistance is painted in red. As the price moves higher and reaches overhead resistance, a significant pullback can be expected near the $23,300 support zone. A significant rally can be expected only if the upper trend lines are broken by a large influx of buying volume.
However, if the price breaks down hard, it can find a solid footing at the 200-day MA which hits lower support just below $23,000. The RSI, which was incremental, has drifted down slightly, but may noticeably stabilize sooner rather than later.
The initial resistance is around $26,900, which can be reached by the end of monthly trading, while the upper target remains beyond $28,200.
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This post This is where the BTC price can go in the next 24-48 hours!
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