BTC showing signs of bullish strength
Candle 1: Initial upwards pullback is met with strong sell, engulfing previous green candles.
Candle 2: Sell is stopped slightly above previous low, forming higher lows.
Candle 3: Buyers are able to regain slight dominance, pushing price near to its previous pullback level.
We have seen buyers starting to take control of the price action. There is more room for price to move upwards than downwards, likely facing lesser resistance structures.
There seems to be a buy opportunity. However, as price is near a resistance zone (35500), I will wait for a 2nd confirmation in smaller timeframe before executing a buy trade. If current candle touches price level (32500), I will abandon this trade idea completely.
Candle 2: Sell is stopped slightly above previous low, forming higher lows.
Candle 3: Buyers are able to regain slight dominance, pushing price near to its previous pullback level.
We have seen buyers starting to take control of the price action. There is more room for price to move upwards than downwards, likely facing lesser resistance structures.
There seems to be a buy opportunity. However, as price is near a resistance zone (35500), I will wait for a 2nd confirmation in smaller timeframe before executing a buy trade. If current candle touches price level (32500), I will abandon this trade idea completely.
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