Bitcoin Testing the Top of the Range

If you had not noticed, bitcoin has been ranged bound for nearly a month now. That range is basically 30k to 41K, give or take a few hundred points.

The 30L level has been touched and tested multiple times and after the last successful hold, bitcoin price has grinded up to 40K, where it battles resistance as we speak, topping out just shy of 41K earlier today.

Like a bowling alley lane with bumpers…

Looking at the chart you can see the two trendlines identifying our current range, and bitcoin is just bouncing back and forth like a ball going down a lane with bumpers installed in each gutter.

There really isn’t much else to it until we see a break of 41k or 30K, with the former being bullish and the latter being bearish.

A bullish break gives us upside to the 45-46K area and then 50K as next targets. A bearish break is downside of 23k as the initial target.

In the meantime, price is just consolidating.

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