BTCUSD has been choppy on the daily chart. Yesterday’s daily candle came out as a bullish candle, but it had a rejection from the North. Moreover, the daily chart has another strong resistance nearby. Thus, the daily price action may remain choppy today as well.
Let us have a look at the BTCUSD-Daily chart.
The Daily Chart
The level of 10977.1 is the level of resistance where the price had a rejection. Needless to say that it has the potential to be the neckline of a potential double bottom. The daily price had several bounces at the level of 9900.5. The chart also shows yesterday’s daily candle with an upside long spike. The daily traders shall wait for a breakout at the level of 10977.1 to go long on the pair. Recent price action suggests that breakout may take time to take place.
Let us now have a look at the H4-BTCUSD chart.
The H4 Chart
The H4 chart shows that the level of 10438.4 is a level of resistance which needs be broken to attract the H4 buyers to go long. The level of support remains the same though. The price has been heading towards the support level. If the level is held and produces an H4 bullish reversal candle followed by an H4 breakout at the level of 10438.4, the H4 buyers may get busy to go long on the pair. Meanwhile, the buyers shall wait for the price action to be bullish.
On the other hand, if the support level is breached by H4 candles, the sellers would get busy to drive the price towards the South.
The Bottom Line
Both the buyers and sellers must be patient here. The support level looks a bit stronger than the resistance level which may make the buyers more optimistic. Let us wait and find out what the price does.