Home Daily Analysis Crypto Market sentiment Bitcoin: The Support Line Holds the Key

Bitcoin: The Support Line Holds the Key

66
0

Bitcoin has been within a range on the daily chart. The price is right at a support level where a daily Doji candle was produced yesterday. Today’s intraday price suggests that the price might head towards the North. If that happens and today’s daily candle ends up being a daily bullish candle, it would be a morning start on the daily chart. This may attract the buyers to look for a breakout at the neckline, which would help them look for buying opportunity in coming days.

Let us have a look at the daily Bitcoin chart.

The Daily Chart

The level of 9330.70 is the level of support where the price had a bounce earlier. The price is right at the support level again. Yesterday’s daily candle came out as a Doji candle. If today’s daily candle comes out as a bullish daily candle, then it would be a morning star. This may attract the buyers for a breakout at the neckline to drive the price towards the North.

Let us have a look at the H4- Bitcoin chart.

The H4 Chart

The H4 chart shows that the price has been bearish by obeying a down-trending trend line. The H4 buyers would love to get a breakout at the trend line to go long on the pair. A double bottom has been formed here as well. Thus, the H4 price action suggests that the buyers might come forward and push the price towards the upside.

The Bottom Line

The support level holds the key here for both the daily and H4 traders. If the level continues being the level of support, the buyers will dominate. On the other hand, if the support level is breached by an H4 candle followed by a daily candle, then surely the sellers are going have the upper hand and drive the price towards the downside.

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here