We saw Bitcoin for the first time in awhile make a sizable impulse move upwards. However, after that big impulse we saw all of the gains taken back by the next morning, actually creating a new low. Now I will continually be on this bullish sentiment as we can't go much lower however I would like to share the outlook on the 1 day chart.
1 Day Chart:
Now I want to give as equal a biased towards bullish as bearish just to be on the safe side. We can see from this chart that BTC still has not touched that low that was created in early February. It is a good possibility that BTC could still go down even more. If it does you need to be prepared which is why I am sharing this viewpoint.
1 Hour Chart:
Now looking at the 1 hour chart you can see that we have broken through the support on the current down move and I can see the price rising to test the upper support. Now will it break it? That is the big question and I will play it like it won't but place my stops appropriately in case it does. Now another pattern that might occur is there could be a creation of a smaller running flat pattern as we have seen in the past and if that does occur you would expect to see more downside. I am watching both possibilities carefully and placing the stops appropriately so as not to get caught on the losing side of a big move.