Bitcoin price in recent times is consolidating just below $31k, displaying no clear conformation of the upcoming trend. The star crypto has been swinging below the descending resistance line since April while there is a confluence of the resistance levels at $31k.
The Bitcoin price in the short term is raising ever since it flipped from the lows registered during the market crash last month.
It is pretty not clear if the jump in prices is a result of a bullish trend reversal or another corrective bounce. However, considering the price action in the higher time frame, the assets appear to be ready to squash all the odds and surge by 18% at the earliest. One of the popular analysts, pens down the probable BTC price prediction for the end of June, this year.
BTC price lets out massive bullish signals based on the candlestick patterns as suggested by the analyst. After a series of bearish weekly signals, the top cryptocurrency has now formed consecutive bullish candles which resemble an inverted hammer. The hammer is a signal of trend reversal and when the hammer is bullish & inverted then the upcoming candles could be extremely bullish.
Bitcoin prices have been depleting under the $32kfor a long time, maintaining a trend within an ascending parallel channel in the short term. A tough brawl between the bulls and the bears keeps the prices consolidated within the middle bands of the channel. And hence a move toward either side of the channel may induce huge volatility that could ignite a rally towards the target set up at $36k.
Image by bernswaelz from Pixabay
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