Market Update: Bitcoin Will Support Hold to Feed New Push Higher?
Hi traders, today we’re taking a look at Bitcoin as buyers have started a move higher after holding at short term support. Overall it’s been a solid day so far from crypto markets with gains being seen on most coins. Today’s Bitcoin analysis can also be applied to Ethereum as it’s also displaying a very similar set-up from its daily chart.
Looking at the daily chart below we can see the clear level of support that buyers started today’s move from. Level 40,900 has continued to hold for buyers since 21/09 when this level became support after being resistant. This level is key for us and we want to see it remain in play to continue our thoughts about buyer strength.
We continue to watch the squeeze that’s in play and are currently looking for today’s bullish momentum to continue if buyers can break through ST resistance. That break will also move through the current downtrend and possibly set up a new move higher. The 48K area could come in as resistance if we see a new move higher. This all rests around the case that key support at 40,900 continues to hold. If sellers break this level we could see a resumption of the current mid-term downtrend.