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CityIndex
Mar 22, 2024 12:28 AM

Swing trade for Bitcoin (BTC1!) - 1-hour chart Long

Bitcoin FuturesCME GLOBEX

Description

Bitcoin futures managed to fid support above 60k before snapping a 4-day losing streak. Bullish momentum increased from GETTEX:64K, and the move lower since appears to be corrective in nature against the strong rally from 64k.

A bullish outside / engulfing candle formed around the 50% retracement level and above Wednesday's daily TPO VAH time price opportunity, value area high).

The bias is now for a move higher towards SWB:69K, with the potential for a move to 70k. At which point we'll seek evidence of a bearish reversal, given price action clues on the weekly and daily charts.
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