Bitcoin consolidates at short-term support, $30k is the target
Updated
Bitcoin has a bullish structure on both the daily and the 4-hour chart. The retracement to 27.2k collected liquidity and the bulls have since driven prices to 27.6k.
The H4 bullish breaker block at 27.2k was respected as support so far. Given the daily structure, a consolidation around the
27K region over the weekend before another leg higher was possible. The OBV has inched higher over the past week, showing the bulls had a slight advantage
Entry: 27.4k (another revisit to27K or lower was possible)
Take-Profit: 29.6k (local resistance on the 1-day chart)
Invalidation: 26.6k (a move below the bullish breaker block)
The H4 bullish breaker block at 27.2k was respected as support so far. Given the daily structure, a consolidation around the
27K region over the weekend before another leg higher was possible. The OBV has inched higher over the past week, showing the bulls had a slight advantageEntry: 27.4k (another revisit to
27K or lower was possible)Take-Profit: 29.6k (local resistance on the 1-day chart)
Invalidation: 26.6k (a move below the bullish breaker block)
Note
We saw a retracement to 27.4k on Monday, and it remains to be seen whether the bulls can drive a recoveryNote
idea invalidated as BTC fell below the H4 bullish breaker, could be time to look for shorting opportunities for BTC or especially for weak altcoins
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