Bitcoin's price has drifted around $8,000 approximately a week. Some bounces here, some bounces there but nothing significant. If you have read my previous BTC analysis then you know that this area is capable to produce some reversal.
Today's price action is pretty interesting and it has started to show something and the price action has started to show a buying opportunity.
Let's jump straight to the action and I would like to count those criteria, which can move the price a bit higher: 1. The channel projection, really clean and healthy throwback, inside the channel. 2. AB=CD, nice and clean waves 3. The round number ($8,000) should act as a support level. 4. Previously worked support and resistance area (orange horizontal line) 5. Fibonacci golden ratio - 62%. Matching exactly with the previous criteria 6. Fibonacci Extension 7. A few days ago we got a bullish Engulfing from the Daily timeframe around the 8k. It is still valid and it will support that current move upwards. 8. We have a bit sloppy Double Bottom chart pattern which also should support that current buy opportunity. 9. Wait for a bullish candlestick pattern formation around the marked green area - 1H or 4H.
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Best regards, Vaido
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The time window starts to become over but a pretty good rejection from 8k, let's wait for current hourly candle close: