Jumping straight into it,
BTC is currently trading within its descending triangle/channel, but looking to retest its overhead resistance at the $7,500 range. This sudden spike in global daily trading volume from 10b to over 20b is quite absurd.
Nonetheless, it remains to show if BTC has the momentum to keep charging upward. But if history repeats itself, it might fall back down as the RSI is testing the upper threshold, nearing the overbought region. My guess is for BTC to consolidate back towards the 6,500 range which deemed as short term resistance the past month, before retesting the overhead resistance line again.
Again, baby steps, and trade safe :)
BTC is currently trading within its descending triangle/channel, but looking to retest its overhead resistance at the $7,500 range. This sudden spike in global daily trading volume from 10b to over 20b is quite absurd.
Nonetheless, it remains to show if BTC has the momentum to keep charging upward. But if history repeats itself, it might fall back down as the RSI is testing the upper threshold, nearing the overbought region. My guess is for BTC to consolidate back towards the 6,500 range which deemed as short term resistance the past month, before retesting the overhead resistance line again.
Again, baby steps, and trade safe :)