What's Good Bitcoin?
It's a fresh week, so let's check Bitcoin's status and discuss some scenarios.
Let's start with the positive aspect:
• Bitcoin held the 64k level pretty well during the weekend
• Even bearish news (Israel, Telegram) did not have a bigger impact on Bitcoin's price
Currently, the price trades in a tight range between 64.5k and 63.5k. So far, bulls and bears have rejected all attempts to break out of this pattern.
However, as volume is picking up, I expect Bitcoin to leave this pattern sooner rather than later. In this context, I have seen many analyses that expect a break of the lower trend line and a retest of the EMA200, at least on the 4H chart. Indeed, this is a possible scenario you should bear in mind.
Personally, I go for the bullish option and don't think we will go for a lower re-test (yet). Although we had a relatively weak start in the new week, I think we can hold this level (or only see a slight dip toward 63k) and start moving higher once the U.S. market opens.
Let's see what the day has in store for us!
