tolgi

BTC/USD Need to close firmly above $8,600 resistance line.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello people! Here is my amateur analysis!

Uptrend for BTC             . I will be short:

1. Higher lows are forming meaning uptrend.
2. Breaking into resistance zone . All we need now is to close firmly above $8,600 point to expect further growth to the next point which is $8,934. There is still a resistance, as you can see from the wicks.
3. Increase in purchase volumes, meaning more people are buying and less selling.
4. MACD shows an uptrend
5. RSI shows overselling on small time frames, which means price will go down a little bit, but the uptrend will continue.
6. We are firmly above 20, 50 and 100 moving averages (MA), which indicates a strong uptrend.
7. Formation of rising stars, also indicates uptrend.

In conclusion, we need to stay and close inside or above resistance zone to continue an uptrend.

I would go long, once we break firmly $8,600 resistance line.

Best regards,
Comment: Still heavy resistance at $8,600. Testing it but no 100% certainty yet that bulls can break it, until we form higher lows and higher highs above first resistance point. No long positions for now.
Comment: Finally broke resistance and closed above $8,600. Next level is $8,934.
Comment: BTC Broke first resistance level, broke second resistance level but couldn't secure price above or within resistance zone.

Was a very good opportunity for short. It showed good selling volumes and MACD started to show a descend.

We are still within the channel and are moving towards $6000, where we can either go up or go further down.
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