Bitcoin 1 Hour Time-Frame Reveals Mini Battle In Play
It can be interesting to look for market structure on lower time-frames during times of uncertainty.
Zooming in to a 1-hour chart we see a small consolidation range forming, including the hammer reversal candle with a long wick which has formed a support level.
If price breaches the lower horizontal support line, the 3% downwards target becomes a lot more likely.
If price bounces off that lower horizontal than we're likely to see a quick rally up the upper horizontal resistance.
How to trade this kind of narrow trading range?
Consider using algo-assisted backtested signals where you get to choose the indicators and parameters. Visit SparksterSignals platform to view member created signals and how they are currently performing in today's market.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Zooming in to a 1-hour chart we see a small consolidation range forming, including the hammer reversal candle with a long wick which has formed a support level.
If price breaches the lower horizontal support line, the 3% downwards target becomes a lot more likely.
If price bounces off that lower horizontal than we're likely to see a quick rally up the upper horizontal resistance.
How to trade this kind of narrow trading range?
Consider using algo-assisted backtested signals where you get to choose the indicators and parameters. Visit SparksterSignals platform to view member created signals and how they are currently performing in today's market.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Comment:
The lower level was tested, with another strong long wick suggesting thrust to the upside.
