BTC had been down trending for a longer time until recently, it changed course and turned bullish with the formation of a bullish structure. The support area has formed at 27250. This area once tapped double time, will be formed upwards towards the resistance level at the price of 28500. On H4, we are seeing a bullish structure. 

The descending trendline has broken out for buys and the market has triggered the validation on the price action.

The retracement level is on 50% which is in confluence with the support level and has the potential to move up.

The EMA 50 has already tapped the price action at the support level and showing some bullish pressure for the continuation upwards.

RSI is at 42. It needs to dwell into the over sold region where it can from a bullish divergence and then contiune moving up.

We just got bullish on Bitcoin

Oct 08 2023