Bitcoin Update 04–07 — becoming slightly bullish
This weekend we see that Bitcoin is not bearish and show some strength in the charts. We could say that on the daily chart it looks interested to become slightly bullish again and on the 4H we could say it is bullish right now.
So when we look at the daily chart we could see that it show some strength the last few days. It has created a higher low, it broke out of the downtrend (could be a fake-out) and RSI is close to cross 50%. The most important level where we look at is the 40k resistance zone because, if Bitcoin stays in the consolidation zone (between 30k — 40k) we could say that it didn’t choose a direction yet.
On the 4H chart, we see an upward trend ongoing. It bounced nicely from the green support zone and it didn’t break the uptrend. This resulted in a Higher low and we are heading to create a higher high now. If we keep in this uptrend that means we will hit around 38k, retest around 36k and then moving to 40k(big resistance).
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