Bitcoin met resistance at $3476 during a brief recovery from the bearish start to the week.
The price has since started to trade away from the $3476 resistance and is currently forming a Doji candle.
A Doji candle is a candle where the open and the close are around the same point and typically reflect uncertainty from traders.
Despite price forming a Doji candle today, it has been making significant movements within the range it has been trading in.
Price has met resistance at $3476 which was a former support level.
Price has also been meeting support at $3353 which has also been a level of support in the past.
Price briefly formed a 2019 low below $3353, but it quickly rose back up.
Another drop and close below $3353 may result in price depreciating to the point of the low last year at $3122.
The current trading in a range we are seeing increases the likelihood that the next significant move will be a bearish one.
- Doji is forming on the daily chart reflecting uncertainty from traders.
- Price has been trading between a range from support at $3353 to resistance at $3476.
- Another drop below $3353 may result in price moving towards the 2018 low at $3122.
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