We are all probably watching Bitcoin's slow price action and trying to guess what it's next move will be. Overall I feel more bullish than I did hours ago, but ultimately it comes down to Bitcoin .
I see a mix of bearish and bullish signals and patterns, but the dominant support currently appears to be the horizontal bottom that has potential to form into a descending triangle (bearish), much like it did earlier today. Earlier today a similar pattern lead to Bitcoin briefly breaking bearish, but it was a weak breakout and quickly bounced from support around ~47k.
I see it is again testing that horizontal bottom and if it breaks below, expect a retest along that diagonal support, this time around 47.4k, and hopefully bounce again.
If it can recover and close some hourly candles over 48k in the near term, then 50k within the next 6-12 hours, I'd feel like we recaptured some bullish sentiment.
I see a mix of bearish and bullish signals and patterns, but the dominant support currently appears to be the horizontal bottom that has potential to form into a descending triangle (bearish), much like it did earlier today. Earlier today a similar pattern lead to Bitcoin briefly breaking bearish, but it was a weak breakout and quickly bounced from support around ~47k.
I see it is again testing that horizontal bottom and if it breaks below, expect a retest along that diagonal support, this time around 47.4k, and hopefully bounce again.
If it can recover and close some hourly candles over 48k in the near term, then 50k within the next 6-12 hours, I'd feel like we recaptured some bullish sentiment.
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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.