BTCUSD: Price Action & Classic Long Trade Explained

8 feb 2021

hey traders,

after a nice violation of 38500 local structure high, we see a pullback and retest of that level.

after setting a new local high on 41000 level,
the price started to fall and initiated a local bearish trend on an hourly time frame with a lower high and two lower lows.

during the weekend, however, a higher low was set.
This morning the price managed to set a new higher high above the previous lower high starting a new local bullish trend on hourly.

Now bullish continuation is expected with an initial goal 40920 and then a potential new high.