Looking at the daily chart on bitcoin we got one heck of a reversal candle yesterday (candle that closed 3 hours ago) to complete the bullish u-turn pattern I like so much.
Reversals at Support Levels are Welcome
Its also good it happened with a spike of support, the same level that has been hit three times now (around 9400)
With this said, it is looking like BTC may be range bound with the upper limit of 12 to 13K. I’m more than happy if this is the case and I guess we will find out over the coming days if we see follow through from this reversal.
Otherwise, 9,400 area remains the key support in the near-term that price needs to hold.