Cryptocurrencies

technical analysis [Bitcoin]

BTC seen from the 1D time frame we can see how the price has formed a support HL with the current candle close, so we should expect a test of the resistance located at 7520 indicated within the chart by the dark blue horizontal, if the price fails to make a close above that level, we could see a retreat to the support located at 7176 indicated within the chart by the black horizontal, we would have to wait for a bullish candlestick closure above the red diagonal support to see a continuation towards our high targets, the first gain target is located at 8300, our second gain target is located at 8522 and we could see some wick reach 9184, so we should be very attentive to those higher levels.

BTC seen from the 1H timing we can see more clearly how the price is leaning upwards after briefly retreating towards the support at 6875 where it has found strong demand that has pushed the price above 7200, an important level of recovery to have a greater movement towards the 8000 – 9000 range.

In conclusion, BTC has not changed at all its position to make a LH in relation to the previous one formed in the 9500, if this scenario takes place we must take into account that the price is not yet in time to escape above the major diagonal of downward trend, before we should have a fall towards the demand area that is within the price range of 6164 – 6300, therefore I recommend to follow very closely the action of the price in 1D and always remember to place your stop losses to avoid possible invalidations during the movement.

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