Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bitcoin flipped its daily market structure to bullish
- The defense of the $27k area is a key factor in gauging whether bulls possess enough steam to drive prices higher
Bitcoin [BTC] appeared to change its fortunes over the past three weeks. The drop to the range low of $24.9k on 11 September was followed by a rally that reached the mid-range resistance at $28.5k. The market structure was bullish on the 1-day chart- but can the bulls sustain this pressure?
Read Bitcoin’s [BTC] Price Prediction 2023-24
A Bitcoin price report from AMBCrypto dated 3 October noted the liquidity around the $27k region was an ideal place for prices to revisit. The insight from the liquidation charts proved accurate. The article also showed a move to $29k before a drop to $27k was possible for BTC, but this scenario didn’t pan out.
The revisit to a lower timeframe support zone could be followed by another leg upward for BTC
The range (orange) extended from $24.8k to $31.8k. The bullish order block at the range low prompted the rally, and the $26.2k short-term resistance was flipped to support as well. The next zone of interest was the bullish breaker block from the 4-hour timeframe, demarcated by the white box.
It stretched from $26.9k to $27.5k and was retested as support in recent hours. It was likely to witness a bullish reaction in the coming days, as the Relative Strength Index (RSI) showed bullish momentum was back. The structure was also in favor of the buyers.
The On-Balance Volume (OBV) on the daily chart sa
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Author: Akashnath S
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