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Bitcoin: Traders to Get a Clue from Its Next Breakout

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Bitcoin had another bearish day yesterday. The daily chart shows that Bitcoin produced three consecutive bearish daily candles. However, there is a strong support level nearby. That might have held the seller to go short on Bitcoin aggressively. Let us have a look at the Daily Bitcoin chart.

The Daily Chart

The level of 9030.45 is the level which may be the level of support. The price already had a bounce at the level. Then, after having a pullback, it has been heading towards the South. Today’s intraday price action has been bearish as well. The sellers may want to go short on Bitcoin, but the level of 9030.45 must be considered.

Let us flip over to the Bitcoin -H4 chart

The H4 Chart

The H4 chart’s price action shows that the price has been obeying a down-trending trend line. An engulfing H4 candle made a downside breakout. The price may go upward and have a consolidation before making another bearish journey towards the downside. The level of 9030.45 may come into the calculation again. Since there is not enough space for the price to travel towards the downside, the sellers may not be that interested in going short on Bitcoin. This would make Bitcoin get sluggish on the H4 chart. On the other hand, if the price makes a move towards the upside and makes a breakout at the trend line, then the buyers will be interested in coming into play and pushing the price towards the North further.

The Bottom Line

Bitcoin looks bearish on both the daily and the H4 chart, but the sellers may not be aggressive unless they get a breakout at the level of 9030.45. The buyers will be eagerly waiting for a breakout at the trend line to get a long opportunity at Bitcoin.

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