Support below $39k has kicked in again.
April that as we had two seemingly strong levels of resistance nearby, and weak price action, so I could not be bullish until the price broke above the higher of the two resistance levels at $42,418. I also saw good scope for a short trade from a reversal at a nearby key resistance level.
This was a good call insofar as I was correct about the price not having much upside until $42,418, and the price fell over the day without ever reaching that level. The price has not moved much over the past couple of weeks since that day and has just been consolidating above $39k. The picture now is one of short-term bullish momentum after reaching the key support area just below $39k, but the price action shows the momentum is fading now. The price is close to two resistance levels and a medium-term bearish trendline which is shown in the price chart below. This suggests that the price is going to struggle to rise much further over the short term, reinforced by the fact that the price has been ranging and so is likely to continue doing so.
I see the best potential today as a short trade from a bearish reversal at either of the nearby resistance levels, with $40,907 looking attractive, and $41,706 looking likely to be strong as it is currently confluent with the descending bearishIf we get two consecutive hourly closes above $41,706 later, that will be a bullish sign, and I would take a bullish bias.
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