BITCOIN: We Collect Data As The Price Develops

Today I will analyze two different charts on Bitcoin .

As we can see from yesterday the price reacted in our potential reversal area between 37K – 38.5K

In the candle chart, we can see a strong price reaction that shifted the price very fast from 38’570 to 41’250

So we can see a very fast price increase of +6.45% in a few hours.
In the candle chart, we can see the same similar candle on the left when the price started the previous upward movement. (in yellow ellipse pattern)

In the line chart, we can clearly see that the candle reaction happened when the price tested the trend line from the close of the candles.

The line chart is keeping the data clearer as it seems.

If the price is to stay above 40’400, it should start the next upward movement very soon considering
also the fact that traders are well-positioned to buy Bitcoin in deep sell-offs.

Thanks and good luck!

Previous analysis – Read it as there are many fundamental analysis inside: