Bitcoin Technical Analysis: Consolidation after a new all-time high at $7354

Bitcoin consolidation after $7354 all-time high
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We’ve hit the new all-time high $7354 and volume climax of a bull run that is close to a hefty 37% gain in just 12 days since our last low price $5453! This is such a crazy gain, congratulations for anyone who’ve been with me on the ride! Now it’s time to contact that Lamborghini dealer that accept Bitcoin, and get a new Huracan to celebrate with! JK :/

Overall analysis

We’re now having a consolidation after the new high is set, hence please don’t freak out for the last few hundreds pullback, it’s definitely not trend reversal yet, we’re still bullish. In a shorter time frame like the 15m chart, we can clearly tell that we’re now in equilibrium pattern and waiting for the next breakout, due to the time of consolidation, there’s less likely to have a big trend on the breakout, but we’ll see.

Support & Resistance

At the moment we have $6971 as support, which is in line with 0.5 fibs, there are 3 attempts that failed to close below this level. $7082 is acting as resistance, 3 attempts failed to close above as well.

 

Disclaimer: Please do not make any trade solely by my analysis, I’m still learning like you, do your own due diligence before entering any position, and be responsible for it.

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