Bitcoin (BTC) pumped quite well early in the morning. Which means around S/R level there was a very strong demand near $ 37,000. In fact, the price action is very similar to what we could watch at the end of February. That’s also why I prefer to take the last pump with a reserve. I miss at least testing near price levels from the market low of 24 January. So I wouldn’t be completely happy yet.
Current situation at 4H BTC / USD
In the 4H chart, we see how strong the bulls have been near the S / R level of $ 37,000. Indeed, the development is very similar to what the market did at the end of February. Shoppers were able to defend the surface, which was a signal for other bulls. And they obeyed the signal.
But as I said, I still lack the testing of lower price levels. Respectively, I don’t necessarily mean the coveted $ 30,000 – a lot of people really want that level. And maybe that’s the stumbling block. I think it would be enough to test at least the bottom edge of the drawn one trianglu – ie levels close to the market low at the end of January.
That’s why I’m very skeptical about the last pump. Now, I’d guess we’ll test that $ 45,000 again. But it will probably result in another turn down. But maybe not, we don’t see into the future. Maybe there will be a breakthrough force. It should be remembered that bitcoin has de facto consolidated one big price band since the end of January.
As for the current situation, bitcoin remains at the S / R level of 42,000 USD. If the bulls keep the level, logically they are probably more likely to test nearby market peaks. However, they are still very close.
In conclusion
In my opinion, Bitcoin constructs one big bottom that looks like the triangle I’m following. That’s why it’s really possible that we won’t see that $ 30,000 at all. Unfortunately, this development is not exactly what many would like. But that does not mean that the situation is bearish. On the contrary, shoppers are gradually getting the market under control.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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