Overnight, Bitcoin (BTC) broke out of a potential reversal structure that had been building in the market for a few weeks. Which I honestly didn’t expect so soon and that’s why I’m in yesterday’s stream he warned that we could easily hang around in that structure for another two weeks. But Bitcoin decided to make an immediate breakthrough, so hopefully something will finally happen. After that period of boredom.
Afternoon update:
130 thousand BTC has been traded on Binance in the last few hours. I haven’t had time to do it yet, but I have the impression that this is perhaps an absolute record. For now, I’m listing it as a point of interest. We will cover this more in Sunday’s video analysis.
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Current situation on 4H BTC/USD
Bitcoin was really happening yesterday and eventually it was born out of it impulsive wave upwards. Thanks to which we have a fresh breakthrough of the drawn one turnover structures. So Bitcoin made a higher top, which is exactly what we needed. So is it already won? Definitely not. As you can easily see, the market quickly lost momentum after the breakout, as the bid band around $23,000 started to work.
Therefore, there was a small throwback to the upper edge of the turnover structure. And now the battle is over whether the upper limit of the pattern will act as a springboard for further continuation of price growth. If the rate goes back inside the formation, the situation would get pretty bad again. But so far it looks promising, volumes they were also solid.
Even 4H RSI showed considerable strength. Do you know how long the values of this indicator did not rise above the threshold of 70 points? From the end of May. Therefore, Bitcoin has developed a more noticeable initiative to go up after a relatively long time. Is this a guarantee that we will give $29,000? It’s not, but it’s definitely a step forward.
In conclusion
Among other things, it is also crucial that the daily candle closes in some satisfactory form. In fact, it is necessary for Bitcoin to continue to rise during today, otherwise our daily candle closes roughly like this. And of course we don’t want that. Although the candle is small, the market does not yet have the confidence.
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ATTENTION: None of the information in the article is investment advice. The analysis does not attempt to predict future price developments. It serves exclusively as educational content on how to think about the market. Do your own research and analysis before making any investment, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual consideration of risks!
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