Once again BTC is hovering around a key technical level. Whatever happens here will define the direction for the foreseeable future. The Bulls have their final chance to change the narrative and put an end to this Downtrend. Looking at the Chart we can see that they are not letting this opportunity go to waste.
- On the Daily Chart we can see how the Bears have tried to push the Price down and get a daily candle closure below the 0.618 Fib Level, but the Bulls have stepped in and bought it back up, creating a candle whit a long wick on the bottom. (bullish sign)
- The presence of the Bulls is even clearer when we look at the 4 Hr Chart. As soon as the Price got pushed below the Fib level by a long Momentum Candle, buyers have stepped in and prevented the formation of a Confirmation Candle and what we have got instead is a nice Hammer Candle which was confirmed by the next candle taking the Price back above the Fib level.
Now, does this mean BTC is ready to turn around? Of course not, but it could be the first healthy sign.
On the other hand, if what we are witnessing is just another Bear-Flag formation and we get a Weekly Candle closure below this Fib level, things can turn ugly very quickly.
Crucial Days are ahead of us, so please be careful out there.
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