Bitcoin Daily Chart

The price action of Bitcoin has formed a number of Doji candles this week.

A Doji candle is a candle where the open and the close are around the same point and is representative of indecision in the market.

Price has been trading between two key levels and undergoing consolidation.

Today’s price action has been showing more bullish movements as the price of Bitcoin rises above the consolidation area.

Bitcoin Hourly Chart

The shorter-term hourly timeframe shows that the price of Bitcoin spend a lot of time during the week trading close to the point where buyer liquidity came in during last weeks bearish drop.

While price initially traded around this point, it started experiencing more resistance at this point as the week progressed.

Price made a move above the level earlier today but has since retraced.

However, this is still bullish for the price, and we could now have a case of resistance turning into support.

If the price finds support at the liquidity point around $3575, it could make another move upwards.

The next key level to monitor above is $3684.

Key takeaways:

  • Bitcoin consolidated for the majority of the week but has made some bullish movements today.
  • Price could now be meeting support at the $3575 level which may precede another move upward.
  • The next level above to monitor is $3684.

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