Bitcoin has been heading towards the North again. After producing a daily hammer candle at a strong level of support, it produced a good-looking bullish daily candle yesterday. Today’s intraday price action has been bullish as well. The daily chart suggests that the price might go up to the level where the price had a rejection. Let us have a look at the Bitcoin-Daily chart.
The Daily Chart
The level of 10440.20 held the daily candle at the time of its downward correction and produced a hammer which is a bullish reversal candle. Yesterday’s candle came out as a bullish candle. The daily chart’s price action suggests that the price will be heading towards the North further. Here’s the thing though, 13551.95 is a very strong level of resistance. The level may not be breached at the first attempt. A good number of daily traders may come out with their entries once the price reaches there.
Let us now have a look at the H4-Bitcoin chart.
The H4 Chart
The price has been heading toward the resistance level from where the last bearish wave formed from. After finding a level of support, it has been bullish on the H4 chart, but the price is very close to the resistance level. Thus, the H4 traders may have to wait until the level of 12169.99 to be breached to start taking long entries again. For the H4 long traders, there is enough space (up to the level of 13551.95) upside for the price to travel if the breakout takes place.
The Bottom Line
Bitcoin’s daily chart is very bullish. However, because of the nearby H4 resistance, intraday bullish momentum may get a bit sluggish. Once the H4 breakout and confirmation take place, the price may head towards the North with good momentum. To add more with that the buyers may feel relief that the support level has been intact which was challenged heavily. In fact, that has again been working in their favour.