BTC in Green

The currency pair took off the red local descending trend line on Friday and went upwards. Bitcoin has broken through the Ichimoku cloud and managed to move even higher. We have drawn a green ascending trend line which support the uptrend currently. BTC/USD has double tested the resistance area at $8,526 but still fluctuates below this level. BTC price is far from the Ichimoku cloud meaning bulls are controlling the market. Bitcoin added 2.49 percent in the past 24 hours.

The possible scenarios for the currency pair are the following:

1. BTC/USD will test the resistance area at $8,526 again and if successful, bulls will drive the currency pair even higher above this level. The next resistance area lies at $8,715 area.

2. Bitcoin will decline towards the green ascending trend line. If bears are successful, BTC/USD will develop its downside progress towards the support area at $8,369. Otherwise, BTC price will jump off this trend line and move towards the resistance area at $8,526.

3. The currency pair will stay here, fluctuating around the current resistance area at $8,526.

As for the daily timeframe, BTC/USD jumps into the Ichimoku cloud again meaning the situation remains unclear. Nor bulls neither bears are ready to take control over the market.

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