BTC USDT 1h - Bullish outlook

2 ก.ค. 2021

After a long silence with any coin analysis in here, I decided that July will be again more active. BTC is currently trading in a range between 30k and 36.5k, at least for the past week and more.
We have broken out of (short-term)downtrend, following the rejection at 40k on June 16, after we dipped to levels just below 29K - that was a scary few hours👻. The dip gave enough fuel to bulls to push the price off of 30k level and gave us some hope, at least from having a full on bear market (for now). Price action after that broke through 55 SMA and 1h Ichimoku cloud, fixed above it and made a new Higher High (HH). In the second wave, following slight correction it reached the middle of current trading range at 35k. From there we saw and immediate rejection and descent back down to 30k level, which acted as strong support again and bounced the price from a new Higher Low, turning the move again to bullish (in short term).
We reached 36.5k level in that wave, confirming that short-term is bullish with new HH. Price action turned back down, formed a descending channel in which we're currently trading - right around 33k, where we seem to have a good support level, just below 0.5 Fibo.
Now we should see a break of current descending channel and look for an entry on retest around 33.3k level. Price should then break through Ichi cloud, hitting first target at $35,220 in the middle of current trading range, then climb towards the top of range at 40k. My targets, which are also S/R levels, are marked with cyan on the right side. SL is hard set at $31,5k.

The chart is pretty stuffed, so it might be hard to read, but there are multiple indicators to confirm the bullish bias - MACD crossed and is moving up, RSI is moving up and will be above 50 any moment now and so is MFI.

Let's see how this idea plays out 🤓 #not-financial-advice