Bitcoin can retest 6000$ : Ascending Channel Formation on 4H
Bitcoin bounces quickly after a brief drop to 4500$ yesterday. The bitcoin price rose by 13% after BAKKT Funding News and Starbucks integration news hit the media.
After a brief bounce from 5000$ in morning hours, bitcoin is looking bullish on the lower time frame. Bitcoin price is trading above the mid-range of an accumulation channel.
Bitcoin also formed an ascending triangle channel that has support at 4750$, and resistance is at above 6200$.
21MA on 4H which acted as resistance for bitcoin is now turning into support.
If Bitcoin manages to hold 5100$ as support, then I expect bitcoin to break above 6000$ in next 24 hours.
After a brief bounce from 5000$ in morning hours, bitcoin is looking bullish on the lower time frame. Bitcoin price is trading above the mid-range of an accumulation channel.
Bitcoin also formed an ascending triangle channel that has support at 4750$, and resistance is at above 6200$.
21MA on 4H which acted as resistance for bitcoin is now turning into support.
If Bitcoin manages to hold 5100$ as support, then I expect bitcoin to break above 6000$ in next 24 hours.