Today's strong surge in Bitcoin price has established a new swing high at $94,500. However, the current candle has failed to close above the previous high of $94,100 (as per earlier analysis).
This is where the price action becomes compelling: on the 1-hour timeframe, price has successfully executed a bullish Change of Character (CHOCH). Per this analysis, the CHOCH signifies an initial confirmation of a bearish-to-bullish trend reversal.
To secure full confirmation of an ensuing uptrend, Bitcoin must decisively break and close above the recent high of $94,500 on the 4-hour timeframe. Achieving this milestone will fully validate the bullish CHOCH to the upside.
In summary: current price action suggests we should prepare for a potential significant upward move very soon. (Current Price: $BTC 93,100)
