Following up from the previous technical analysis, we have stayed above critical support at $6,000 (USD). Here's how we are looking.
It's looks like the bear market is in its last legs ladies and gentlemen! We have found a triple bottom, and it looks like the markets are on fire. We have bounced $600 (USD) in the past 24 hours, and while the next day will provide better confirmation to the clarity of uptrend we are creating, things are certainly looking positive.
On the upside, we are facing resistance levels (indicated in blue) at $6,850 (USD) and $7,780 (USD). The ideal situation would be to break the first resistance level, and have a somewhat pullback to create support at this level. As indicated on the chart, we are currently in the daily downtrend from May, however I can see this being broken through and re-entering the symmetrical triangle, indicated by the arrow.
The white horizontal line shown on the chart indicates a more key resistance level. It is the previous local all-time high on the push towards $10,000 (USD), in which case the BTC/USD pair will come under significant selling pressure, due to the psychological turning point of the pair re-entering the five-digit territory once again.
It will be important to closely watch the volume associated with such price movements to see if they can consistently increase back to levels of the late 2017 highs. If the volume can continue to grow from this point onwards, there is no reason for a bearish outlook.
In conclusion, things are looking very bullish. It seems the bulls have realised it's time to shine, and have come out to make a decent position for this new trend. It will be key to watch if bulls break the first level of resistance and can comfortably sustain such movement, in which should propel us above $7,000 (USD).
Feel free to ask any questions or queries.
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BTC: 1BC54HzKMWWkbp8bNQmjUY97nDAfdyr4bw
ETH: 0x68611d187F8f885f511eCfEA25f1E3a0D1F83a1A
LTC: LYw7kQqbyrFBo4B2VpLSrN8xkM8LnDTcy
