Straight to the topic:
BIT pumped to the upper channel but was not accepted, returning back to the lower channel.
At the moment the price is hanging in the middle of the lower channel, we have naked point of control to close @ 1.498$,
if the price will continue to go lower, we have supports:
- support 3 on pivot points @ 1.488$
- basic trend line from the last bottom around 1.477$
- bottom of the channel @ 1.449$
Why I am bullish?
We have a bullish divergence on the 4h chart, price was going out from the bottom channel with nice volume.
Support @ 1.5$ looks very strong and if price will reverse to the upside I think it will try to break into the upper channel again as TP1 and maybe hit the top of it TP2.
Price left 2 points of control open @ 1.62 and @ 1.71 which if closed can have the momentum to go higher.
In the end it can be related to the BTC price, procced with caution, and use safe SL.
BIT pumped to the upper channel but was not accepted, returning back to the lower channel.
At the moment the price is hanging in the middle of the lower channel, we have naked point of control to close @ 1.498$,
if the price will continue to go lower, we have supports:
- support 3 on pivot points @ 1.488$
- basic trend line from the last bottom around 1.477$
- bottom of the channel @ 1.449$
Why I am bullish?
We have a bullish divergence on the 4h chart, price was going out from the bottom channel with nice volume.
Support @ 1.5$ looks very strong and if price will reverse to the upside I think it will try to break into the upper channel again as TP1 and maybe hit the top of it TP2.
Price left 2 points of control open @ 1.62 and @ 1.71 which if closed can have the momentum to go higher.
In the end it can be related to the BTC price, procced with caution, and use safe SL.