Candle 4H BTC/USDT has broke the bull flag and major support trendline (orange line) recently. This show some signs that buyer still have appettite to continue it's reversal. The next resistance which quite critical is at 7.479 USDT.
Now the candle is testing EMA50, as long as the price remains above 78,6% retracement at 7.238 USDT. We may expect another breakout on EMA50. Notice that 78,6% retrace previously become a strong resistance. As bitcoin had succeed passing that level, it maybe needed to be tested to identify that level as supportive or not. So for daytrade, 78,6% retrace is crucial as critical support and maintaining the reversal momentum.
Now the candle is testing EMA50, as long as the price remains above 78,6% retracement at 7.238 USDT. We may expect another breakout on EMA50. Notice that 78,6% retrace previously become a strong resistance. As bitcoin had succeed passing that level, it maybe needed to be tested to identify that level as supportive or not. So for daytrade, 78,6% retrace is crucial as critical support and maintaining the reversal momentum.
Comment:
Critical Support at 7.200 USDT
Bitcoin succeeding passed the EMA50 at 4H chart. Now let's take a look at 1H chart to observe even slightier trend movement. One thing need to be aware is the evening doji star occured right in top of the critical resistance. The volume is quite stagnan, that's why it failed to go up further from the resistance. That may also indicates that buyer is still cautious whether the bear pressure is truly over or not.
Afterward the correction went down to test EMA50 and critical support to check if the dump whale would react or not. Fortunately (for now), there's none significant volume rise on attempt to piercing the critical support. Added with the current candle that able to stand above EMA50 1H again.
Conclusion : Today we may see narrow consolidate on bitcoin ranging at critical support and critical resistance. Although I'd say there's a slight bigger chance that the price would broke critical support. Nearest resistance if critical resistance break will be at 7.800 and nearest support will be at 7.018 and 6.750.