BTC Bullish Outlook but buyers have to ride the momentum fast!
***JustChart Daily Price Action Analysis***
D1 Observations:
1. (Bullish) Current candle is able to punch above 35516 with little pullback, forming 3rd higher low.
2. (Bullish) Downward D1 FIB retracement confirms price breaking above 0.618. Zooming into H4 reveals price retesting 0.382 before above 0.618. Current price action is retesting 0.618 as support level.
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H4 Observations:
1. (Bullish) N-2 momentum is cut short with price hovering around ~35563. It is still remarkable as N-2 candle body is huge and price is well within resistance structure.
2. (Bullish) As mentioned in previous analysis, if price briefly touched ~34200 and rebound, this is likely upwards swing. Pressure has built up around ~34700, causing a spike towards ~35603 by N-2 candle.
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What I am looking out for:
1. Ideally, we want to see price stay above 34956 to maintain upwards swing momentum. However due to market’s high volatility, a rebound at 34689 is possible but risky.
2. We want to see price go above 36169 soon. Else a double top + lower high is likely to form.
3. Current D1 candle is well within resistance structure. If candle can close above 35250, it shows dedication from buyers to push price higher.
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I will be uploading a detailed video walkthrough of the above written analysis. So be sure to check it out on my YouTube channel.
Stats:
Gut Feel = Long (+Anxiety)
Analytical Feel = Long
Legend:
N = Current Candle
N-1 = Previous Candle
N-2 = Previous 2nd Candle
N+1 = Next Candle
N & N+1 = Current Candle + Next Candle
D1 Observations:
1. (Bullish) Current candle is able to punch above 35516 with little pullback, forming 3rd higher low.
2. (Bullish) Downward D1 FIB retracement confirms price breaking above 0.618. Zooming into H4 reveals price retesting 0.382 before above 0.618. Current price action is retesting 0.618 as support level.
-------------------------------------------------------
H4 Observations:
1. (Bullish) N-2 momentum is cut short with price hovering around ~35563. It is still remarkable as N-2 candle body is huge and price is well within resistance structure.
2. (Bullish) As mentioned in previous analysis, if price briefly touched ~34200 and rebound, this is likely upwards swing. Pressure has built up around ~34700, causing a spike towards ~35603 by N-2 candle.
-------------------------------------------------------
What I am looking out for:
1. Ideally, we want to see price stay above 34956 to maintain upwards swing momentum. However due to market’s high volatility, a rebound at 34689 is possible but risky.
2. We want to see price go above 36169 soon. Else a double top + lower high is likely to form.
3. Current D1 candle is well within resistance structure. If candle can close above 35250, it shows dedication from buyers to push price higher.
-------------------------------------------------------
I will be uploading a detailed video walkthrough of the above written analysis. So be sure to check it out on my YouTube channel.
Stats:
Gut Feel = Long (+Anxiety)
Analytical Feel = Long
Legend:
N = Current Candle
N-1 = Previous Candle
N-2 = Previous 2nd Candle
N+1 = Next Candle
N & N+1 = Current Candle + Next Candle
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