Finally a move from the range set in early june between $6800 and $5800 with bitcoin squeezing shorts for a nice run up above $7000.
Currently sat on the 38.2% retrace off May-June move lower & the outside day bar set in May which when broken to the downside accelerated losses.
Just above @$7607 we have the 100DMA & the previous key trend line set off the lows back in February.
$7860 brings in a perfect confluence of the 50% retrace & target for the inverse head and shoulders made off the lows.
To really have bulls in control the trend line (top of triangle) starting back in January will need to be broken @~$8100
RSI has yet to probe above 70 this year and will be another test for bullish momentum
Pullbacks should be capped by the long-term median line $7112 if that fails to hold a re-test of $6800 will be in play
4 hour chart
Currently sat on the 38.2% retrace off May-June move lower & the outside day bar set in May which when broken to the downside accelerated losses.
Just above @$7607 we have the 100DMA & the previous key trend line set off the lows back in February.
$7860 brings in a perfect confluence of the 50% retrace & target for the inverse head and shoulders made off the lows.
To really have bulls in control the trend line (top of triangle) starting back in January will need to be broken @~$8100
RSI has yet to probe above 70 this year and will be another test for bullish momentum
Pullbacks should be capped by the long-term median line $7112 if that fails to hold a re-test of $6800 will be in play
4 hour chart
