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On the daily chart, the price which is moving higher has broken above the most recent downtrend line and is holding above it, which we may consider as evidence of bullish pressure. In addition to this, the price which is moving higher has broken above a strong resistance zone formed based on the volume profile zones of the KTLI indicator. After the breakout this strong resistance zone is acting as a strong support zone, we may consider this as another evidence of bullish pressure. So everything looks good here for the bulls and we may now move down to lower timeframe and look for evidences supporting this short term bullish view.
On the H1 chart, we have a strong bullish momentum and also currently it looks like a correction is happening. So everything looks good for the bulls here as well. In addition to this, we have three key support zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until these three key support zones shown in the image below (marked in red) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
Bitcoin D1(Daily) Chart Analysis
Bitcoin H1(1 Hour) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Arvinth Akash
Home Trader Club Team
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