🔥 Bitcoin Bullish Break Out, But For How Long?
Yesterday I made an analysis stating that a bearish reversal from the orange trend line was highly likely. Also, I made the note that in case the price would pierce through the top resistance of the bearish channel, the 36k area was my personal confirmation for a possible bullish move.
Today we've seen a very strong influx of buying pressure to launch BTC outside of the bearish triangle. Investors are now looking whether we can stay above 36k for a longer period of time, or that we will fall through it.
Another point of interest is the newly drawn blue trend line. This line connects the high before the "bear-market" sell-off, the 41.5k local high on th 15th of June and today. Currently, the price is higher than the blue trend line. A dip below this trend line could indicate that we're lacking buying power. However, if we march on towards 37k and above, we might contest the 40k resistance rather soon again.
Admittedly, things are looking good at this point in time. Both the orange and blue resistance trend lines have been taken out. 36k resistance has fallen, alts seeing incredible gains volume steadily increasing (yellow square). I'm cautiously optimistic that we could see 40k again in the coming week. However, I want to see how BTC will behave around the 36k area first. Don't want to be caught in a fake-out like on the 15th of June.
Keep in mind that the orange bearish triangle resistance line could be tested again before the continuation of the short-term bullish push.
Happy trading!
Today we've seen a very strong influx of buying pressure to launch BTC outside of the bearish triangle. Investors are now looking whether we can stay above 36k for a longer period of time, or that we will fall through it.
Another point of interest is the newly drawn blue trend line. This line connects the high before the "bear-market" sell-off, the 41.5k local high on th 15th of June and today. Currently, the price is higher than the blue trend line. A dip below this trend line could indicate that we're lacking buying power. However, if we march on towards 37k and above, we might contest the 40k resistance rather soon again.
Admittedly, things are looking good at this point in time. Both the orange and blue resistance trend lines have been taken out. 36k resistance has fallen, alts seeing incredible gains volume steadily increasing (yellow square). I'm cautiously optimistic that we could see 40k again in the coming week. However, I want to see how BTC will behave around the 36k area first. Don't want to be caught in a fake-out like on the 15th of June.
Keep in mind that the orange bearish triangle resistance line could be tested again before the continuation of the short-term bullish push.
Happy trading!
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