BTCUSD | Where to next?

30 Sep 2019

BTC experienced a strong push from the sellers, narrowly missing the 7500 previous structure low on the daily. We are now slightly above daily demand trading in a tight area. On the 4H, we attempted to drive lower twice and those attempts were met with buyers awaiting below. We have produced a double bottom and look to be trying to break the neckline of the double bottom. We are in a critical area. We have broken the intra day descending trendline giving us further confluence that buyers may be looking for a short term push. If we get the push we are looking for, I would set my eyes on 9400 and reassess there. If we fail to break resistance around 8390, price may make another attempt at driving towards 7500. It is best to take the direction of the breached zone in such a volatile space. From higher perspective we have made a new recent LL so for the bears to continue, we would like to see a significant LH come into play.