Black line- resistance
Blue line- support trend line
Bitcoin is trading around $30,300. Price continues to trade around and below the black horizontal resistance trend line at $31,000. Any attempt to break above the horizontal resistance has failed. We had some small glimpses above the resistance but bulls were not strong enough to maintain their position. Bitcoin is showing rejection signs at the $31,000. This is a sign of weakness and Bitcoin is vulnerable to a pull back towards $27,700-$28,000 where we find the blue upward sloping support trend line. Traders better be patient and not open new long positions while below the key resistance. Traders need to remain patient.
