Home Daily Analysis Crypto Market sentiment Bitcoin: Intraday Price Action to Determine Its Next Direction

Bitcoin: Intraday Price Action to Determine Its Next Direction

75
0

Bitcoin had a bounce on the daily support level of a range yesterday. The daily candle has come out like a hammer. Today’s price action has been bullish from the very outset. However, the resistance level of the range is still far away to be breached. The daily traders have to wait for the price to give them a proper direction to go with. At the moment, being patient is the only option for them. Let us have a look at the Bitcoin-Daily chart.

The Daily Chart

The arrowed candle is yesterday’s daily candle. The price had a bounce from the level of 8920.70. This was the level where the price had a bounce day before yesterday as well. Moreover, it was a level of resistance earlier. Thus, without any doubt, this level has become a key level. A downside breakout at the level would drive the price towards the South. The buyers still should keep their belief since the level was held yesterday, and it pushes the price towards the upside. Thus, there is more possibility that the breakout may take place at the resistance level. Needless to say, this is what the buyers have been waiting for. Let us have a look at the Bitcoin-H4 chart and find out what the price action of the H4 chart suggests.

The H4 Chart

The level of 8920.70 has the potential to be the level of support of a potential double bottom here. The level of 9456.45 is the neckline which has to be breached by an H4 candle to calculate it as a valid double bottom. The price action suggests that the price has been heading towards the level after having a little correction. This means the H4 traders shall wait for an H4 breakout too at the level of 9456.45.

The Bottom Line

Both the daily and H4 traders are going to wait for the breakout at the same level. This means it all depends on the intraday charts’ traders. If they keep pushing it towards the North and help the price make a breakout at the resistance level of the range, only then the H4 traders are going to push it towards the North further. That would eventually get the daily traders engaged in buying the Bitcoin as well. Meanwhile, it all depends on the intraday charts’ price action.

LEAVE A REPLY

Please enter your comment!
Please enter your name here