BTCUSD has kept heading towards the North on the daily chart. Yesterday’s daily candle closed with a bullish tone as well though it had a strong rejection from the level of resistance. Today’s intraday price action has been bearish. This suggests that the price has been having a consolidation as far as the daily chart is concerned. Let us have a look at the BTCUSD-Daily chart.
The Daily chart
The arrowed candle is yesterday’s candle. The price went up to the level of 13533.95 and found its resistance there. The rejection was strong which made the daily candle have a long spike. This might have held the buyers today so far. This may eventually produce a corrective daily candle as well. The H4 price action also suggests that the price may have a correction on the H4 chart. Let us have a look at the H4-BTCUSD chart.
The H4 Chart
The first rejection came through an H4 bearish engulfing candle. The price has been roaming around the level of 12298.45. This is a Fibonacci level which has a strong potential to be the level of support on the H4 chart. If the level is held by the H4 candles, then any breakout at the level of 13533.95 would drive the price towards the North with strong bullish momentum. If the level is not held by the H4 candles, then the correction may make BTCUSD daily buyers wait a bit more to find the next long opportunity.
The Bottom Line
The daily chart is extremely bullish. As things stand on the H4 chart, today’s bearish move is only a correction. Any upside breakout, the H4 traders would jump into the pair to go long again. The question is whether the price makes an H4 breakout today or the price keeps moving in a corrective action for the whole day.
The way it has been going with BTCUSD and as the daily chart looks, the buyers of the BTCUSD are in a hurry to keep pushing the price towards the level of 15000.00.