We have been waiting for too long for this day and it looks like it has come.
On a daily chart we can see BTC testing February 2 shocking low price at 5990. After the test, the price made a close on top of the support area forming a hammer pattern. Guess what that means? We will see Bitcoin price to raise slightly, first estimate would be 8000 but we will take a look at the price movement in details in this post.
Look at this hammer pattern. Let's nail some bucks with it.
We can see a drop here in the chart below but the movement doesn't contain an impulse. It is a corrective move. Corrective moves are very tricky due to the variation of them, and they can contain impulse, where you expect price showing new highs but eventually will for ABC and return to the previous price, and then another hight ABC. In these cases, it is very important to follow levels, supports and resistances, and channels they create.
Watch for a breakout.
At this point, 6500 and 6770 are the closest resistance levels.
Let me know your thoughts in comments below the post.
Update! https://www.tradingview.com/x/svbt8han/