Bitcoin Weekly Analysis
Bull breakout last week, but second leg up; risky place to initiate longs (high risk, low probability). Bears will soon try for a double top bear flag with July 25 swing high, and parabolic wedge. If the bears get strong close the low this week, prices will likely test the bull gap from May 10th. The bulls need to generate strong follow through above 8500. The upside is 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 a pullback is likely first. They will try to form a double bottom or higher low around 5000.
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