Bitcoin is at the support level of 29400 and is forming a price action which would form a markup till the resistance level of 30,100. We are looking to go long at this current support once the price action has been formed with the higher highs being formed on the prices. Also, the trend on H4 seems bullish as the market has broken the resistance and has formed a support at it, where, the prices are ranging at the moment. 

Therefore, we will be looking to go long from this area.

The descending trendline has broken out for buys and the market has validated the breakout by the opening and closing of the prices of the candles. 

The retracement area of 61.8% is in confluence with the support region. Therefore, there is a strong confluence for the market to continue moving up.

Moving average of 50 is also blanketing the prices at the support level, hence, forming another confluence with the already outstanding ones.

Long position on BTC for a 2.8% gain

Aug 12 2023