Looking at the bottom of the chart you can see that the trend of lower lows has reversed and we now have a slightly increasing bottom. I was really watching to see if the Sept 17 lows 6255 would hold above the Sept 09 lows of 6175 which up to this point they have. Now its a matter of weather BTC can break past the 1st and 2nd level of resistance. If BTC does than that 7400 mark would be a huge positive sign on the road to ultimately hitting that elusive 8400 level.
Comment:
Continuing from this chart we are now at BTC 6700. That would mean we are now at my 2nd resistance line. I think we should expect some turbulance for a little while probably until Monday or so. The momentum has shifted to a positive upswing. If BTC can pass the 2nd resistance it should have no trouble getting to my important resistance line. We shall see....