Bitcoin Daily Chart – Source: Tradingview.com

Bitcoin continues in the range it has been trading in to start this week.

Last week started with a bearish movement that brought price between support at $3353 and resistance at $3476.

Today’s candle is currently forming a Doji.

A Doji candle is a candle where the open and the close are around the same point.

This type of candle typically reflects uncertainty from traders.

The candle has an upper wick showing that its price rose today, but also that traders rejected this higher valuation.

Bitcoin Weekly Chart – Source: Tradingview.com

The longer-term weekly chart is at a pivotal point for future price prospects.

Price is currently trading above the 200 simple moving average (SMA).

The 200 SMA is used by many analysts to determine the direction of the long-term trend.

Price has already tested the 200 SMA, and if it breaks below, this will be an extremely bearish sign for prices.

Prices have already broken below the 200 exponential moving average (EMA) which many, also consider being a bearish sign.

The price has already met resistance at this point during the last rise.

Key Takeaways:

  • Price starts the week trading between support at $3353 and resistance at $3476.
  • The most important level to monitor for the price is the 200 simple moving average (SMA). If price breaks below this point, it will be an extremely bearish sign for the price.
  • Price has already broke, below the 200 EMA and met resistance at this point during the last rise.

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