Bitcoin On The Verge Of Breakout ?

Bitcoin has been consolidating for too long and now a breakout is inevitable. Bitcoin has been trading in a narrow range of $7200-$7400 for last 48 hours and it has tried many times to break the resistance but everytime it got rejected from the heavy resistance over $7400.

So, what is going to happen next?

Well, let's have a look at the chart to analyze the same;

• If we look at the chart, we can clearly see the price ranging over $7300 but too many rejections have already happened from $7400 and now we are getting very low volume while we're trading above.
• So, if Bitcoin rises above, we can clearly see resistance at $7430 and passing that resistance will take Bitcoin price easily to $7700.
• If Bitcoin goes Bearish from here, the first support would be $7200 and then $7000.
• Volume is decreasing while price increasing, indicating a weak rally.
• Bearish divergence can be seen in 4-hr chart RSI

So, use tight stop loss and trade with caution as Breakout can happen anytime.

Thanks for reading ..!!

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