Bitcoin is toiling hard to not break down. The cryptocurrency is under a strong pressure, but the bulls are putting up a remarkable fight to defend a crucial support level, which we will be discussing very soon. But for how long they are able to do so in an adverse environment remains to be seen. Bitcoin is currently trading at $228.90. Image: https://www.tradingview.com/x/J5VKeV1W/ Today, we will be discussing the technical considerations of the weekly BTC-USD price chart. Bitcoin Chart Structure – If we take a look at the weekly chart above for the period spanning year-to-date, we find that the trendline connecting the closing lows is actually providing great support to Bitcoin for the past three weeks. No matter what the daily fluctuations have been, Bitcoin…
The ongoing spree of extremely thin trading sessions has taken many market participants by surprise. After hitting levels of sub-$200, Bitcoin raced back up to hit $235-237 but very few would have expected the cryptocurrency to have gone tight-ranged since then. Bitcoin is currently trading at $229.14, up 0.94 percent as the bulls manage to keep the price hovering near the resistance. Image: https://www.tradingview.com/x/mu3925Xq/ As Bitcoin continues to trade near the recent highs, expectations are rising that the cryptocurrency may eventually pierce the resistance, but let us find out what the latest technical indications are. Bitcoin Chart Structure – The resistance for Bitcoin is $235, above which, we may see the cryptocurrency head towards $260. But if the…