Bitcoin has held above the top of support zone 1 for 2 closed daily candlesticks now, and it currently above for the 3rd candlestick. It is getting support from the prior support zone, 200-day moving average and also a 1.618 extension of the final upward leg of the triangle. This is a strong supoprt which, if held, could trigger a large push to the upside.
Notice that volume spiked when price came down to support. It reached nearly 6x 20-day volume average. This is suggestive of a selling climax, which could mean buyers are left to take back control in the market.
This is a very important support level. Holding above here will likely lead to a strong rally. Falling below it will probably see the market retrace to support zone 2, perhaps further. Watch how the market behaves over the next day or so.
Notice that volume spiked when price came down to support. It reached nearly 6x 20-day volume average. This is suggestive of a selling climax, which could mean buyers are left to take back control in the market.
This is a very important support level. Holding above here will likely lead to a strong rally. Falling below it will probably see the market retrace to support zone 2, perhaps further. Watch how the market behaves over the next day or so.