After getting what was an expected pullback and seeing price briefly spike down to the 6800 area support BTC has rallied to test the recent high.
A Big Green Candle – One and Done?
The daily candle that just closed an hour ago was a big one as buyers swooped in and pushed prices back higher. Volume wasn’t as high as the up days from early in the week, but it was still above average.
Whether this bounce has legs is to be seen but we know what the first upside hurdle is that is for sure.
Looking at the chart in this post you can see that 8,300-8,400 area btc topped out at and briefly tested in the candle that just closed.
Getting above that level and closing above that level open upward price possibilities to the 9600-9700 area which is the next substantial top when looking back on the chart.
As for the downside, well price would need to hold the bottom it just created at 7,200 because we don’t want to make a lower low.
Remember, higher highs and higher lows make for an uptrend and that is what all of us would like to see BTC be in.
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