BTC Technical Analysis: Bulls Soon To Grow This Consolidation

The BTC technical analysis displays a consolidation phase at a crucial support level of $18,850 with growing bullish influence teasing an upside breakout. The BTC price action shows a rising buying pressure close to the crucial support level of 18,850 dollars resulting in a consolidation face instead of a bearish breakout. Furthermore, the growing bullish influence over the consolidation phase forms a double bottom pattern teasing a bullish breakout to challenge the longing resistance trendline. Will this bullish reversal result in a breakout rally and end the declining trend in Bitcoin? Key Points: The Bitcoin price action shows higher price rejection from the 50-day EMA. The market price offers a high likelihood Breakout rally to challenge the overhead resistance levels. The intraday trading volume in Bitcoin is $29.37 Billion. Source-Tradingview BTC Technical Analysis The BTC price action displays a Long coming declining trend under the influence of the resistance trendline. However, the high supply pressure at the resistance trendline has contained multiple bullish reversals from the $18,850 support level. Currently, the price action displays a consolidation range at the $18,850 support level avoiding a bearish breakout with the overhead resistance of $19,700. Moreover, the increase in wind pressure results in a double bottom pattern within the consolidation range pleasing a bullish breakout. The overhead resistance of $19...