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 26600. 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 fragment of bullish penant has formed and the break on either of the sides will mark it up.

The retracement level is at 75% which is in confluence with the support level and has the potential to move up.

The EMA 50 is bearish and the take profit will be at the retest of it.  

RSI is at 46. It needs to dwell into the over sold region where it can from a bullish divergence and then contiune moving up. 

Bitcoin bullish from 26600

Oct 14 2023