- Bitcoin has seen a small market movement in today’s trading session, gaining 0.03 percent on its value.
- The prices are in a strong bullish move after a recent support level retesting.
- The current bullish move is likely to propel the crypto to hitting yearly highs after breaking out of the $12484 resistance levels.
- Hourly charts also show that intraday traders should look for long opportunities.
Today’s Bitcoin trading session opened at $11759, and at press time, it had only gained 0.03 percent on its value. According to data taken at press time, it reached highs of $11859 and lows of $11680.
Bitcoin daily chart price analysis
Today’s trading session rise in market price marks the fourth day that the Bitcoin prices have been on a bullish move after a small bullish flag pullback had formed for few days. The current bullish move is from a bounce from the support levels at $10300, where the prices failed to break the resistance level to the downside.
Bitcoin price action on the daily chart indicates that the prices will continue with its upward move and it is expected to retest the $12484 resistance levels. Breaking this resistance level will mean that the bitcoin prices will have set new yearly highs.
However, there is a large likelihood that the prices will not be able to break this resistance level. Instead, the prices are expected to face a huge resistance at that level, resulting in the prices reversing to a bearish market. The bearish market will be looking to retest the support levels along the ascending trendlines, which will likely result in another push to the upside.
Similar bitcoin daily chart analysis
Bitcoin trader, mohammad1378, in his Bitcoin analysis on the daily chart also holds a similar view on where the bitcoin prices are heading. Using a parallel ascending channel, the trader demonstrates how the crypto has been trading within the structure for the past few weeks, showing how prices have slowly gained momentum to the upside.
The current prices on his analysis indicate that the prices bouncing off the lower trendline of the ascending channel. The trader also indicates that there are many resistance levels as the crypto approaches the upper trendline of the ascending channel. One of these resistance levels is near the $12484 support levels, which the trader is optimistic that the prices will hit.
Bitcoin hourly chart analysis
The bitcoin price action analysis in the one hour chart indicates that the prices are currently on a high momentum bullish push. Short term traders looking at the hourly charts will be able to find opportunities to go long on the crypto, whereby the markets are expected to hit the $11954 resistance levels.
For high-risk intraday traders, hourly charts price analysis indicates that although the prices are more than likely to face some resistance once they hit the $11954 resistance level, the prices are more likely to continue with their bullish move and may end up hitting the $12484 resistance level.