Short Term bitcoin analysis (hour)Bitcoin has been in an upward channel which began at the close of the trading day of March 13 which is banded from top to bottom by about 1400 points.
From the above point of view it clear to the naked eyes that Bitcoin is in an uptrend but there is a caveat to this bullish nature which is the trading day of march 12 which opened at 7940 and closed at 4778.
Since march 12 Bitcoin hasn't closed below or above this prices(7940 and 4778) but because of the bullish channel which I point out, the fundamentals that favours crypto currencies at the moment and price action analysis which is a relative long term view my bias is bullish on Bitcoin.
The big question is where will/can you buy?
In the past 3 days Bitcoin has traded in a range (High 7764 low 7380) and with the long term bias as bullish the best area to buy should be at the low of the range which is 7380 area or 7100 area (this is because there is a strong support zone at this level and if the market makes it to this price area then it is an ideal zone to buy)
If price should close below the lower band of the channel I analyzed above then the bullish run might be over.
Please note: this is not a financial advice but my personal understanding of the bitcoin market.
