The star crypto ever since the dropped hard from $39,000 levels, maintained a parallel trend between $31,600 and $28,700. The price no doubt has again attempted to slice through the stagnant consolidation but the upper cap may still remain restricted. The BTC price, despite the present upswing, is showing a huge possibility of falling into the same bearish well ahead. Therefore the current uptrend may be, woefully, yet another trap set up for the bulls.
The BTC price is swinging within a slight elevated parallel channel for a long time, failing to slice through the upper resistance, yet holding the lower support well. However, Bitcoin ever since beginning with the parallel consolidation is following a pre-determined pattern. And as per the pattern, the asset is all-set to attain the crucial resistance beyond $32,500 very soon.
Further, the asset is expected to drop hard back to the present levels as predicted by the popular analyst.
As per the chart posted by the analyst, the BTC price is swinging well within the channel, forming a wave pattern. And flipping from the lows recently, the asset is expected to rise high to hit the resistance at $32,880. Here the asset may be left trapped in a decisive phase. A notable upswing may elevate the price towards the first target at $32,000 initially, later at $34,600 and at $36,600.
On the contrary, if the price failed to maintain a strong upswing, then a pullback could drop the price towards the lower support at around $29,000 by the mid of the week or by the end of this week. The bullish movement is still in development and hence cannot be validated until the Bitcoin (BTC) price sustains strong above the $32,300 resistance levels.