There was a strong bearish breakout (see long red bar) and then bounced back at the support level at 8927. It seems, the buyers step in and push the price up. Also, the previous sellers locked their profits, which gave additional buying power to BTC. In addition, the price formed a bat pattern which increases the probability of this setup to go long.
T1 – 38.2%
T2 – 61.8%
T1 – 38.2%
T2 – 61.8%
Note
T1 - 38.2% was hit.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.