BTCUSD has produced another bullish daily candle right at the support level which has been held by several daily candles. Moreover, the daily price had several bounces earlier as well. Thus, the bearish momentum, which was created some days ago seems to have come to an end. Unless the current support level is breached by a daily candle, the daily sellers may not be interested in going short on the pair. Let us have a look at the BTCUSD-Daily chart.
The Daily Chart
The level of 9412.15 is the level of support that holds the key. The chart shows that it has been level where the daily price reacted heavily earlier. After having another bounce, a daily doji candle was produced. The price then has been heading towards the North. The buying pressure is not that good, though. Nevertheless, considering the strength of the support level and recent price action, the price may keep heading towards the North.
Let us now have a look at the H4 chart.
The H4 Chart
The H4 chart suggests that the sellers still may be optimistic with the drawn resistance line at the level of 9840.95. One of the H4 candles made an explicit breakout earlier at the level, and now the price is right there to complete the corrective wave. An H4 doji candle has been produced there as well. If the price keeps coming down and makes a breakout at the support level, then the sellers may keep pushing the price towards the South further. On the other hand, an H4 breakout at the resistance level will attract the buyers to go long on the pair.
The Bottom Line
The H4 sellers may keep their eyes on the pair to go short, but the daily chart’s price action favours the buyers. This may hold back both the traders and the price may end up being choppy for a while within that horizontal range.