🔥 Bitcoin: Areas To Watch During The Weekend

With bullish volatility picking up after this week's Bitcoin Conference, I might be a good idea to take a look at the short term outlook of Bitcoin.

At the moment, BTC has failed to breach the blue trend line, causing a minor reversal. I'm expecting that the bulls will push the price higher today, potentially going right through the blue resistance. A great bullish confirmation of a bullish trend would be a strong hourly candle of >2% right through the resistance line.

In a bullish case, the first minor resistance would be 34.6k, based at the most recent local high. I don't see it likely that BTC will be above 34.6k at the end of the weekend, unless some major buying happens, and we can see 2 days of >3% gains. Next stop for the upcoming week would be the green area of major resistance, incorporating two prior local highs. This will be the main area to target next week, in case of a bullish move.

In the case of the current pump being fake, expect the price to decline towards the 31k support area. Bears will need to retake the 31k support and push the price below it. Since the dump, the 31k support has been very heavily defended by the bulls. In case the 31k support will fall, a push towards 30k and potentially lower is to be expected.

For a bearish case, expect 31k-30k to be the main battleground for the weekend.

Happy trading!