Bitcoin broke 16-day downtrend and it's now trying to move higher. But there is a major resistance zone in between 29.4k to 29.7k
But here we see Bitcoin spending a lot of time after breakdown. This means that bitcoins are more likely to go upside than downside. If Bitcoin can break this strong resistance zone, it will soon reach 31.2k to 31.5k major resistance zone.
and if that doesn't happen, we could see a big move to downside that could bring bitcoin to 27k but that seems unlikely now.
I am very patient now if bitcoin can break the resistance zone above only then I am interest to open long position at its 0.382 fibonacci retracement level.
