Bitcoin has made a significant move towards the North. Today’s intraday charts show that Bitcoin has made a breakout at the level of resistance, which is the neckline of the double bottom. Today’s daily candle is to close above the level. Only then it will be considered as a double bottom. Today’s price action suggests that there is a strong possibility that today’s daily candle makes a breakout at the neckline.
Let us have a look at the daily Bitcoin chart.
The Daily Chart
The daily chart shows that the level of 9330.70 is the support where the price had rejections twice. The level of 11050.95 is the neckline level. Today’s price action has been bullish and made breakouts at the level on the intraday charts. If the price closes below the neckline level, then the buyers will surely be interested in looking for buying opportunities as far as the daily chart is concerned. Meanwhile, the daily traders must wait to find out how today’s candle closes.
Let us now have a look at the H4 chart.
The H4 Chart
The H4 chart’s price action looks very bullish. The price after having consolidations has been heading towards the North with good momentum. By looking at the H4 chart, it can be said that the H4 buyers have taken control of Bitcoin. The price has enough space towards the North to travel. This may attract the buyers to keep holding and adding their long positions.
The Bottom Line
The H4 traders have been very active in Bitcoin, which apparently may make the daily candle close above the neckline level. Bitcoin buyers would surely love to see today’s daily candle breaching the neckline level. This will get more buyers involved in buying Bitcoin. All these equations may push Bitcoin’s price towards the level of 12350.00 again.