BITCOIN (BTCUSD) – Week 31
Technically, in the last week’s report we mentioned the price testing the resistance area at 36k. We were right, but the price didn’t stop there, it pushed higher and reached 39k in the first phase of the move. Now, the price is at the resistance area at 42-43k and it looks like it is in a correction phase. For now, the price action has a higher probability of breaking to the upside after the consolidation that takes place in the red channel marked on the chart. We can see a move to the lower bound of the red channel or even the support area, before resuming the uptrend.