Update Bitcoin 1D
The 1D price has closed above the key support located at 9293, the candle has formed a bearish hammer over the buy level, a bullish signal in the short term for a bullish market in view of the strong selling pressure marked by that long upper wick.
The price seen from 1H we can observe how the price has formed a bullish pennant, the development is almost complete, in a short time we will see an escape above the 9500 resistance, currently the price is making us a confirmation range over the diagonal of support, the next hours will be very positive.
In conclusion, BTC is very close to the end of the current range where the price seen from minor temporality has been moving from one point to another in a fascinating way, many swing opportunities have been given during this week, previously, I have already published about how to trade the ranges in a simple way, however, we have to be very attentive to the price action and define well the strategy in case of a “wild” volatility.
The price maintains a bullish structure, so far there is no signal in its structure that points to a bearish breakout, this is a reaccumulation, therefore, we can’t expect a downward breakout of this range when we have a previous initial momentum, BTC looks bullish in major and minor temporalities, soon we should see the price on its way to 10450, however, we must remain very attentive to the price action in the following points of the pattern, always remember to place your stop losses to avoid possible invalidations during the movement.
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