BTCUSD update. Important bar has appeared.

BTCUSD update. Important bar has appeared.

Yesterday, I wrote about bullish intentions over the BTCUSD markets.

In details, mu suggestions were:

to stay bullish and to expect:

  • testing the center-line
  • shaking out

Why did I do these suggestions exactly?

Because the market demonstrated the bullish behavior around the line of resistance 8k. And shaking out would help buyers to reduce the quantity of supply around 8k resistance.

Center-line of the upward channel also provides great help for bulls to overcome the resistance zones. Why? This is about a 50% Fibo phenomenon. The market produces half-way pullback toward the middle of the channel, then price finds support.

What did happen actually?

Look at the Featured Top Chart

(1) Here Shakeout movement. It coincides with the touching of the center-line. An expected place to resume the bullish rally.

Look at the cluster chart (below)

(2) This is the same place but in the cluster view. 

(3) Red delta represents selling activity. But if this selling is really weak, why did price move up on the next bar? So, this selling was stopping-out bulls and shaking them from the strong market. As fewer profits for traders as possible!

(4) This is a genuine demand(5) Strong breaking out above 8k. Bulls got victory and control over the important figure!

What is next?

Look at the last green bar on the 1h chart. I ‘ve marked it as the Important one. Why?

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