Bullish on BTC
Updated
Bears were rejected multiple times and have so far kept the support at 10k price range. Two possible pattern were formed on 1H timeframe, signaling at a possible short-term reversal of downtrend. If prices stay above the shoulders' lowest value, it is highly likely to continue up.
Judging by the BTCUSD/SPX chart below, we are testing the downtrend channel in which we've been stuck since 2018. More correction is absolutely possible, so below 9.8k I'm bearish on the short term.
Judging by the BTCUSD/SPX chart below, we are testing the downtrend channel in which we've been stuck since 2018. More correction is absolutely possible, so below 9.8k I'm bearish on the short term.
Note
Trading at 9950$, BTC is dangerously close to breaking down to 9k. Still holding though :)Note
BTC bounced off 9,920$ :) The minimum required for trend reversal confirmation:
Break through resistance at 10,640$
Keep at least 9,930$ or more as support
Note
All feedback is highly appreciated!Note
BTC was unable to conquer $10,150, correcting further down is highly likely.Note
BTC price fell to $9,850, followed by a big green candle that drove prices to $10,217. BTC currently trading at $10,015+ and I remain strongly bullish on the short term, as long as BTC price stays above $9,800 - $9,990.
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