BTCUSD – Weak Corrective Move Headed Into Static/Dynamic Resistance (Weekly chart)
|Price Action Context
Since the strong impulsive sell off in November last year, Bitcoin has been trading in a very tight horizontal corrective move, indicating that buyers really aren’t able to gain any ground. Price is now closing in on a static key resistance (top of corrective structure) which coincides with a potential dynamic resistance (20 EMA), creating a confluence.
Trending Analysis
LT bias is clearly bearish and this weak pullback into the static + dynamic resistance can offer potential shorting opportunities to traders looking to go short.
Key Support & Resistance Zones
R: 4215 – 4500
S: 3200 – 3450
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