Bitcoin Price Squeezes

Bitcoin price action over the past week shows that volatility is nowhere to be found. As BTC trades inside a $41-43,000 range, investors are anticipating a move in either direction. Some forecast that a crash to $34,000 needs to occur before the pioneer crypto rallies higher. Others are playing a contrarian approach, expecting BTC to continue its uptrend as it breaches the tightening range.

Regardless of what direction Bitcoin price goes after its breakout, this analysis will focus on a smaller time frame outlook. The key levels that investors need to be watching are

*Monday’s high at $43,567

*Monday’s low at $42,229 and

*Previous Monday’s low at $41,167.

Using a range-bound trading strategy, if price sweeps liquidity above/below one of these points it will suggest it is about to move back within the range toward the lower or upper bound, continuing an extension of the ranging market.

From the looks of the ongoing consolidation, the chances of an upward move to the $43,567 level first appears high, which would then likely be followed by a sweep of $41,167.

On the other hand, if Bitcoin price sweeps the $41,167 support level first, it would allow investors to open a long position targeting $43,567.

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