Casablanca05

Bitcoin good setup for uptrend

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
In the hourly timeframe, the Bitcoin is showing correction signs for at least the next 12 hours:
1) Bullish Divergence
2) Bullish Inverted H&S
3) Strong Support at 29200
4) Many engulfing green candles starting from the support line
5) Buyers coming in and pushing the price up despite the big red candle at the left MA Cross (green dotted hairline, A big movement in this area)
6) Trendline counts as another support
7) The hourly 9ma crossing above the 21ma is even better.

A continuation of the last uptrend is highly likely. We will retest the 31000 line and if we break through it, we may see the 32199 which is a bit hard to go through. In case we pass the 31000 resistance and get rejected at the 32000 one, we may go sideways for a long while.

This is not financial advice. Please do your own homework.