Bitcoin – Holding Above LT S/R Zone For Now

Chris Capre 2ndskiesforex

Price Action Context

After a long-term corrective pullback into the key support around 6500$, buyers came back mid-December last year and have since pushed price 3500$ higher, clearing a LT S/R zone in the process.

Trending Analysis

Our long-term bias on Bitcoin is bullish and if this long-term S/R zone holds as support, further upside is likely. A strong daily break and close below 9000$ on the other hand would open up for a potential move down towards 6500$-7500$ again.

Long-Term Key Support & Resistance Zones

R: 13000 - 13900
S: 9050 - 9750

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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Bitcoin – Holding Above LT S/R Zone For Now