BTC BULLISH MOMENTUM SOON (using Support and Resistance)
Combining different indicators to predict price action on Bitcoin today.
Using hourly chart, we can see a Bullish hammer form at a support level. This bullish hammer presents buy pressure and could mean a pump in a couple of hours after hours of downtrend.
Lines in purple represent formation of a bullish flag pattern that anticipates price reversal into higher levels.
Line in yellow represents a Fibonacci Retracement level at 0.236. It currently represents a support level to the price. the Bullish hammer candlestick is forming right over this support level.
Red line represents Resistance line and is the median line of previously drawn Andrew's Pitchfork. Andrew's pitchfork gives different levels of support and resistance and is usually very accurate.
All this leads us to the fact that bitcoin will have 1 more pump and reach peak before retracing back to a lower price.
P.S, this is my personal opinion, for educational purposes only.
Thierry
Using hourly chart, we can see a Bullish hammer form at a support level. This bullish hammer presents buy pressure and could mean a pump in a couple of hours after hours of downtrend.
Lines in purple represent formation of a bullish flag pattern that anticipates price reversal into higher levels.
Line in yellow represents a Fibonacci Retracement level at 0.236. It currently represents a support level to the price. the Bullish hammer candlestick is forming right over this support level.
Red line represents Resistance line and is the median line of previously drawn Andrew's Pitchfork. Andrew's pitchfork gives different levels of support and resistance and is usually very accurate.
All this leads us to the fact that bitcoin will have 1 more pump and reach peak before retracing back to a lower price.
P.S, this is my personal opinion, for educational purposes only.
Thierry
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