Following the powerful break-out of 1H channel, Bitcoin is now consolidating ahead of a new impulse Up.
* Broken Resistance of $8,500 now acts as the that refrain the price from reversing back inside the 1H channel.
* One of the potential triggers driving Bitcoin upwards was the announcement of (Fed) saying it would print money to expand the size of bank reserves. This have spurred investors to buy cryptos since fiat money are now exposed to and, as a result, depreciation.
* Aside from that, speculations around SEC approving application by Bitwise are thriving, additionally spurring investors to allocate funds to the crypto.
* has left the overbought territory, so we are waiting for the Buy entry around 50 level.
* The likelihood of the price getting back to $7,800 - $8,500 corridor is quite small for the time being, so we are decisively looking the way UP.
Active trade signal ?
Target: $9,400 - $9,600.
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