Green lines- trading range
Bitcoin is challenging the short-term resistance we mentioned in previous posts. Bitcoin is trading around the upper boundary of the trading range it is in. Price briefly moved above the upper boundary but bulls do not seem strong enough to support price. The trading range remains intact. Price is turning lower showing initial signs of a rejection. Support remains key at $18,500. I expect Bitcoin to pull back lower. If bulls manage to recapture $21,800 and stay above it, then Bitcoin could rally towards the next major resistance of $27,000-$28,000.