This uptrend is not over, this is why! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone
Today we saw a nice green day for BTC , this indicators are telling us that we're going to continue going up! Let’s get straight in to the analysis!

-So everyone was talking about the rising wedge that BTC was creating, now we broke that wedge at the upside (which surprised me a bit). I didn’t expect a break through at the upside because of the huge resistance at 6.8K. Now we broke that level, it could perform as I strong support in the future.

-The first very positive indicator is the 4hourly RSI . Each time we went above the 70 level we can see that we’ve managed to make a very nice uprun. Today we broke that level again, this could indicate that we have the momentum to go higher

-We broke finally above the ribbon again! This is a huge deal, hope that BTC can find some support and hold above the ribbon.

-The only thing I’m a bit worried about is the volume , we can see that the last time we’ve made a bull run, the volume was way bigger. if we want to continue this uptrend, the volume has to increase!

-If we look at the fib-retracement we can see that our first resistance is at 7.5K. I don’t think that the 0.78 level is going to be a resistance so if we pass the 7.5K, than next target is 8.5K for me.

-We can see that there is still plenty of room left for a big shortsqueeze, I don’t think that the downtrend in shorts really influenced the prices so much. Players like nano and other alts made huge wins couple of days ago, I think that most investors took their profit and bought in to btc again.
also rising wedge still intact at about 7050
8.5 would be above the 200 ma... at 7.9... not gonna happen without a struggle.
cheynos pacman7331
@pacman7331, agree that breaking the 200 ma will not happen without a struggle, do not agree with the rising wedge thing though... its def broken now...
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