Bitcoin has been within a daily range. The price had a bounce at the support level of the range yesterday. Moreover, the daily candle has come out as a bullish pin bar. This means the price might head towards the North again towards the resistance level. Let us have a look at the Bitcoin Daily chart to find out the daily price action.
The Daily Chart
The level of 9786.90 is the level of support of the range. The chart shows that the price had a strong bounce at the level, and the daily candle closed as a bullish pin bar. An interesting point here is the level produced a very similar candle earlier as well. This means the level might end up producing a double bottom here. That is a long way to go whether we get a breakout at the neckline or not. However, as things stand, the price might head towards the North. The H4 chart, in this case, may tell us more about it.
Let us have a look at the H4-Bitcoin chart to find out the H4 price action.
The H4 Chart
The H4 chart shows that the price has breached a down-trending trend line. The price has been bearish to make a correction. If an H4 bullish reversal candle is produced followed by an upside breakout at yesterday’s highest high, then the price will head towards the North with good momentum. In fact, the price may go towards the level of 13096.50.
The Bottom Line
The H4 corrective wave is the key here. The sooner it is done, the sooner the price may get bullish. If it takes too long to produce the H4 bullish reversal candle, then the breakout would take long to take place. In that case, the price might come back up to the support level again. At the moment, it seems that the buyers have a lot of equations in their favour to be optimistic with.