Scenario 1 is in play, Price needs to break $24k
Bitcoin has shifted from the short term bearish momentum into the short term bullish momentum. With this kind of play, we can clearly see that the scenario 1 which we have anticipated on the last analysis is now playing out very well.
The bounce right after the price tested the yellow broken resistance trend line has shown us a strong throw over which is also can be categorized as the phase 2 of the break out strategy which is retesting previous broken resistance as a support.
This throw over structure however is a strong bullish indication as the market makers were trying to liquidate the early buyers in the market.
Looking at this current structure, we can expect some huge bullish movement to the upside because of current confident in the market which is picking up right after the negative fundamentals occurred last week.
There are also levels of resistance which we want to anticipate as that may affects the bitcoin's movement in the near future.
First area of resistance is the interim swing high which is area around $24270 region which on the previous structure becoming the prior top. This is currently the most crucial level of resistance as if the price breaks above current level of resistance, we will see the journey to the $30000 becoming smoother.
There are also the 1.0 Fibonacci extension level which is area around $26000 as the minor support. This can be the obstacle but we see that the bigger bullish momentum will make it easier to break current resistance when the price is able to break above $24270.
At last, the strong level of resistance is the area which is having the alignment with the 1.382 and the 1.618 Fibonacci extension as these area is located right around the heavy support of the higher cycle's resistance trend line which we don't see the price can break this area of resistance. So, this will be our end target for this tiny bullish movement.
The bounce right after the price tested the yellow broken resistance trend line has shown us a strong throw over which is also can be categorized as the phase 2 of the break out strategy which is retesting previous broken resistance as a support.
This throw over structure however is a strong bullish indication as the market makers were trying to liquidate the early buyers in the market.
Looking at this current structure, we can expect some huge bullish movement to the upside because of current confident in the market which is picking up right after the negative fundamentals occurred last week.
There are also levels of resistance which we want to anticipate as that may affects the bitcoin's movement in the near future.
First area of resistance is the interim swing high which is area around $24270 region which on the previous structure becoming the prior top. This is currently the most crucial level of resistance as if the price breaks above current level of resistance, we will see the journey to the $30000 becoming smoother.
There are also the 1.0 Fibonacci extension level which is area around $26000 as the minor support. This can be the obstacle but we see that the bigger bullish momentum will make it easier to break current resistance when the price is able to break above $24270.
At last, the strong level of resistance is the area which is having the alignment with the 1.382 and the 1.618 Fibonacci extension as these area is located right around the heavy support of the higher cycle's resistance trend line which we don't see the price can break this area of resistance. So, this will be our end target for this tiny bullish movement.
Huge upside movement we are seeing the price action on the bitcoin which the price spiked up even higher comparing to yesterday's price action and the price is now entering the resistance zone of $24000 level as the interim swing high.
We know that this area is a strong resistance level the price needs to break above it as the break out above this zone will be the catalyst for more upside movement on the bitcoin.
Current momentum of the bullish looks pretty decent as we are seeing the confidence is picking up real hard if we are seeing the previous size of the green candlesticks are so huge.
If we look at current momentum, we are very confidence that the price will eventually break above the $24000 and continue the path to the end target of $28000 or even $30000 as the possible target,