The market is waiting for a signal from China.
Bitcoin has started its way up
After the wonderful story about a good game with a sorry face, the Chinese, having stocked up at the price of 3350, watch from a safe distance and stop the slightest attempts to lower the price. They have the patience and after a short trading, the price will move further north. In the daily chart we see that yesterday a candlestick formed above the upper border of the descending channel and this is a good signal for buyers. Outbroke and fixed.
We perfectly see the new channel in H1 chart. The price is in the middle register but, as you see, it tends to the upper one. There are several supports below but it’s no use indicating them, to my mind. All the attempts to lower the price are stopped immediately.
In the market profile, we are at a fair price level (the red line) and if you don’t know the context of the overall situation, this may seem ambiguous. But we take into account a lot of other factors from Chinese scenario and regard this only as a temporary stop.
In the hourly chart we see another flag, which when expands, will provide moving to the next figure.
Upward targets remain unchanged. The first target is 4200 â€“ 4300, the second one is 4800–5000, the third one is 6000–6200. Mister Xi, the market is waiting for your signal! I wish you successful trading!