Bitcoin had a strong bounce at a significant level of support on the daily chart lately. The price did have a bounce on the same level earlier as well. Thus, intraday buyers seem to be interested in going long on Bitcoin again. However, daily traders may need to wait for a neckline breakout to start going long on Bitcoin as far as the daily chart is concerned. Let’s have a look at the daily chart.
The Daily Chart
The daily chart shows that the price had a bounce twice at the level of 9330.70. The level of 11028.85 seems to be the level of neckline here. If the neckline is breached by a daily candle, the daily traders will start going long on Bitcoin again. Meanwhile, the daily traders might as well wait for the daily price action to make a solid breakout at the neckline.
Let us now find out what the H4 price action suggests.
The H4 Chart
The H4 chart looks good for the buyers. The price after being bullish had a consolidation and made an upside breakout. The price has been on consolidation again. Another breakout at the highest high of the wave would attract the H4 buyers back to go long on Bitcoin. In a word, the buyers have the upper hand according to the H4 chart.
The Bottom Line
The daily chart suggests that the buyers might come into the game, but it depends on the neckline breakout. The H4 chart, on the other hand, looks to be controlled by the buyers. The nearest resistance on the H4 chart is at the level of 11028.85. This means there is enough space for the price to travel. Two consolidations have provided two support levels to the buyers to set their stop loss. These two support levels let the H4 buyers have a better risk and reward ratio.