By Lucas Montero, Technical Analyst at Finanflix
Bitcoin BTC/USD is showing dynamic resistance since its all-time high at $68,789.63. Whenever this resistance was tested, the price fell significantly.
Since January, Bitcoin has formed a sideways bullish channel in which it has been moving for more than three months, understanding the base of the channel as buy zones and the top of the channel as sell zones.
Created by developer Xavier García (Blai5), the Konkorde indicator shows a significant outflow of institutional capital and the beginning of an inflow of retail investors, which can be interpreted as a bearish pattern.
The RSI is expressing similar sentiments with sideways movement in the 48 and 38 point range and has been compressing sideways for a long time.
The recent surge in trading volume could pave the way for a potential move higher.
There are two relevant zones to consider a rally: $42,400 and $43,675 (good times to take profits). And in case of a loss of the bullish channel, $34,000 and $30,000 would be the relevant areas to speculate on possible bounces.
(Not financial advice, do your own research.)
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