- The daily chart is showing a large pennant formation that is looking stubborn.
- The four hour chart is looking bullish after 10k was rejected to the downside.
- Intraday is also looking bullish after the lows were rejected three times.
Daily Chart:
The daily chart is all about the lack of volatility and pennant formation.
The lack of volume and volatility is interesting as this market his historically one of the more exciting ones.
One massive thing I would mention is the fact that the sell-off seemed small when VanEck and SolidX withdraw the ETF application.
Now we have had a massive hammer candle formation on the daily that could indicate a move toward higher levels. Interestingly this hammer was backed by decent volume marked by the arrow on the chart.
At this point, a break of the formation is what I will keep a look out for.
Four Hour Chart:
After the rejection of 10k, the four-hour chart looks bullish to me. It has made two lower highs and one lower low wave but this current pullback seems like it has legs as it is backed with volume.
10,500 is a big resistance and pivot point for the BTC futures contract. There has been massive rejections and price has always seemed to settle at the value area of 10,300.
Now we just need a move-out and a retest to be sure of the direction.
Five Minute Chart:
This is just the price action for today.
The lows have now been rejected three times and the trendline has been conclusively broken.
A push to higher levels could be the next move but watch out for the intraday resistance levels.
The profile indicator shows that we are in the middle of today’s value area and a break of 10,268 would be a positive sign.
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