Bitcoin Daily Chart – Source: Tradingview.com

Bitcoin got off to a strong start to the week with an early surge on Monday.

Price failed to follow up on this surge and met resistance at $3684 which was an important prior point of support.

With price having retraced from the $3684 resistance level, Monday’s surge looks to have formed a lower high and the possibility of a move to support at last weeks low at $3476 has increased.

If the price moves below $3476, there are no key support levels between that level and the 2018 low around $3122.

Bitcoin Hourly Chart – Source: Tradingview.com

The shorter-term hourly Bitcoin chart has more bullish looking movement.

Despite price dropping from $3684, it has managed to rise since forming some higher highs and higher lows.

Price has also managed to rise back above $3612 after failing on the first test.

$3612 acted as support when price initially fell below $3684.

Price consolidate from here between $3612 and $3684 until a more clear market direction is determined.

Key Takeaways:

  • The surge which took place on Monday failed to overcome resistance at $3684.
  • Despite falling back from the $3684 resistance level, the price has since begun to rise and has managed to overcome resistance at $3612.
  • The longer-term timeframe is forming more bearish with the surge coming to a stop forming a lower high.

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