Bitcoin price is trading inside a tight trading range between $28,800 and $31,300 over the last few days. Price is moving sideways in a consolidation phase. There is upside potential as we believe the counter trend bounce is most probably unfinished.
Blue rectangle- support
A break above the red rectangle resistance will open the way for a move towards $34,000 and maybe towards $40,000. Failure to hold above the horizontal support, will lead Bitcoin price towards $25,000 and maybe lower. Traders need to remain cautious as the medium-term trend remains bearish.