Bitcoin Daily Chart Analysis
Bull breakout this week, second leg up; risky place to initiate longs (high risk, low probability). Bears trying for micro double top and double top bear flag with July 25 swing high, and parabolic wedge. If bears get strong close on low today, prices will likely test the bull gap from May 10th. The bulls need to generate strong follow through above 8500. Upside currently limited by resistance. If bulls get above 8500, the next target is the 11670 start of the bear channel where a large trading range is likely to form. However there has been strong buying pressure since the parabolic wedge reversal. The bulls will likely get a larger second leg up but pullback likely first. They will try to form a double bottom or higher low around 5000.
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