Bitcoin after making a breakout at the neckline of a double bottom on the daily chart, the price went up to the 12250.00 area as it had been anticipated. The rejection candle came out as a bearish pinbar. The buyers need to wait for a pullback up to the breakout level and a bullish daily reversal candle to go long on Bitcoin.
Let us have a look at the daily Bitcoin chart.
The Daily Chart
The level of 10971.50 has been breached which is the neckline of the double bottom. After the breakout, the price had a rejection from 12250.00 area. The price had been heading towards the breakout level to have a pullback. A daily bullish reversal candle at the breakout level will surely attract the buyers to go long again up to13000.00 area.
Let us now have a look at the H4-Bitcoin chart.
The H4 Chart
The H4 chart’s price action looks very bullish as well. The price has been obeying an ascending equidistant channel and it is right at the support level of the channel. The support level has already produced a bullish H4 candle. If the following H4 candle finishes as an inside bar, then an H4 bullish engulfing candle may attract the buyers to go long on the H4 chart.
The Bottom Line
The daily chart shows that the support level is a bit further down. Thus, the price may come down a little to attract the buyers to go long. On the other hand, the H4 chart shows that the price is right at a support level and a buy signal may come anytime soon. In both cases, the buyers hold the key. However, by looking at both charts, it seems that the H4 buyers might not want to go long from here. The daily buyers rather come into the game once they get the price at their support area. Let us wait and see how it goes.