Bitcoin – bullish breakout!

07.07.2022 7:31 pm

Hello, everyone!

Yesterday I pointed out the key level, which was needed to be broken to the upside to start the uptrend, today we saw the clear breakout, the 4h candle closed above it.

On the 4h timeframe BTCUSDT chart of the WhiteBit exchange we can see the breakout of trendline resistance. Is it false breakout? I don’t think so! Why? First of all, because the Bitcoin price finally broke the key fractal level which have been tested multiple times. On the other hand this fractal level coincided with the volume profile key level – the price where the maximum amount of Bitcoins have been traded recently.

Key fractal level now was shifted to $20300. The 4h candle close below it invalidates our long scenario. Which targets are applicable to our long trade? The very high probability target is the July central pivot + resistance level at $23k. Now I want to anticipate only this target, but if the price will show the great bullish momentum, the last target is the 4h supply zone at $27k. Let’s see.

Good luck!

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