BTC started its upmove after the banking crisis sustained. The market has formed a higher high and higher low in the structure and the market has to take upto the resistance level. We are looking at the support level at the price of the 28000 for the bullish impulse. The trend overall in the market is still bearish on higher time frames but the market seems to presenting the bullish trend on H4. This support level is formed on the basis of the ranging market. Once broken out, chances are high that market will continue moving up.

The descending trendline has broken out for buys and has been validated. Now, on the lower time frame, the market is also breaking out for buys once it taps the support.

There is no retracement indication on this setup as of now.

EMA 50 is still bullish. The market does not seem to be retesting the price action at the support level.

Now, as the EMA 50 is steep, the market seems to remain bullish.

RSI is at 45. It needs to dwell deep into he over sold region in order for the market to form a bullish divergence and align with the technical factors.

Bitcoin ranging in an uptrend

Apr 08 2023