The price line on the Bitcoin price line began to move sideways, following a strong bullish wave, bouncing between a support and a resistance level between 22220 and 24000, which could be viewed as level 0.236 and 0 of the Fibonacci retracements on the previous substantial ascending wave. The price line is currently going closer to the sideways support level once more, while the RSI is moving within a bearish channel. After the RSI crosses above the channel, which is shown on the chart as a light blue region, traders should anticipate an uptrend and take long positions to reach the resistance levels shown below.
• There is a resistance level at 23465 followed by resistance at 24000 and 24700
• There is a support level at 22220. Below, there is 21700 and 21200.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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