Bitcoin has not been able to gain much momentum in either direction after rebounding from the recent low near $150 per bitcoin. As indicated by the yellow rectangle, price action on the 4H chart is in tight consolidation.
Price is also resting on an ascending trend line on weak momentum. A close below will likely cause further selling, although lower support levels could be a promising trade.
Conversely, if bitcoin can close above both price action and trend resistance, a move higher to $234 is probable. However, this level of resistance has been rather strong.
Near-term direction will likely be determined on a volume spike.
Price is also resting on an ascending trend line on weak momentum. A close below will likely cause further selling, although lower support levels could be a promising trade.
Conversely, if bitcoin can close above both price action and trend resistance, a move higher to $234 is probable. However, this level of resistance has been rather strong.
Near-term direction will likely be determined on a volume spike.
