The price band between $352-$353 has seen quite a bit of action this month. In my previous Bitcoin technical analysis article from the 13th, I explained why this area is of great technical significance and why it is crucial for the market to surmount this area in the future. When the market encountered the $353 pivot for a third time on the 26th, it briefly traded above it for a few hours, but then quickly dropped back under $353.
Although there wasn’t enough buying momentum to really smash though this major pivot zone, price has slowly made its way above $353 over the last two days. This can be observed very clearly on the 1-hour chart, which shows that the market has now used $353 as support on three occasions in the past 24h. If price makes it back under $353 again, I think it is very likely that this level will turn into resistance, and price will most likely head south.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
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