The beginning of the year also marked the start of a Bitcoin bull run with the main cryptocurrency almost doubling its value by mid-April.
The high of the year was followed by a two months correction (contained in a falling wedge) and a new leg up to this high zone followed.
In the last month or so, Bitcoin’s price action is boring for swing traders, with the price ranging between 30k and 31.5.
On the bright side, the structure from the low is still very bullish with the price contained in an ascending channel and the clear continuation rectangle pattern in place, but for the price to gain traction a break above 31.5 is needed.
In this case, a rise to 35k becomes very probable.
On the other hand, a drop under 30k, although not altering the bullish overall structure could lead to more losses and in this case, 28k confluence support is exposed.
As a swing trader, my approach is wait and see
