Bitcoin is still recuperating after having temporarily sunken below the psychologically significant 30000.00 threshold last week. The price of Bitcoin continues to rise in an effort to break out above the major Distribution range.
The current structure of the price action resembles a Wyckoff Cycle, given the recent consolidation within said Distribution. The latter spans between the minor resistance level at 35250.0 and the minor support at 34250.0.
If the current attempt at a breakout above the upper boundary of the Distribution range fails, the price is likely to continue consolidating within it before it resumes diving. That is so because Distribution ranges typically entail mounting selling pressure.
Even still, the price action remains concentrated above the 50-day MA (in green), which serves the role of a floating support. Meanwhile, the 100-day MA (in blue) is drawing nearer to the lower boundary of the Distribution. Both of these moving averages could resist the formation of a significant dropdown for the time being.
The current structure of the price action resembles a Wyckoff Cycle, given the recent consolidation within said Distribution. The latter spans between the minor resistance level at 35250.0 and the minor support at 34250.0.
If the current attempt at a breakout above the upper boundary of the Distribution range fails, the price is likely to continue consolidating within it before it resumes diving. That is so because Distribution ranges typically entail mounting selling pressure.
Even still, the price action remains concentrated above the 50-day MA (in green), which serves the role of a floating support. Meanwhile, the 100-day MA (in blue) is drawing nearer to the lower boundary of the Distribution. Both of these moving averages could resist the formation of a significant dropdown for the time being.
