BTCUSD has been fluctuating for more than a month, in a 5000 point zone.
This might seem a lot for any other financial instrument but for Bitcoin, this is considered a mid-range distribution of the price.
But this price congestion is potentially coming to an end.
An imminent big move is about to happen but no one can point In which direction it will go.
On the Daily time frame, the major crypto cross has formed a descending channel and is targeting the 24000 level.
As long as the price is below the 200 EMA and both descending trendlines, this target is getting more and more probable.
However, if a violation of one of the above three referred resistance points occurs then Bitcoin could make a huge rally that could potentially penetrate the 42000 level.
In the lower time frame of 4 hours, BTCUSD seems to aim for the 32000-33000 resistance zone.
With the help of the Fibonacci retracement (and extension) tool, someone not only can see that this resistance is indeed strong but, should it get breached then the potential bullish target of 42000 is getting extra validation from the 161.8% fib extension.
Here it is important to note that, while analysing the midterm scenarios of this instrument is the correct strategy, it is also important to consider the higher time frame setups that are being active for a long time and could affect the movement of the cross to a big extent.
So, arm yourselves with great patience as this move will most likely happen but, August would probably maintain the indecisiveness of the market until the big players rewind the portfolios.
Disclaimer
The views expressed do not constitute investment or any other advice/recommendation/
suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade. Every metric and the statistical number is a result of a past performance, which does not constitute a promise or a certainty for a future one.