Strong established resistance at 7.8k - do we have enough moment

After a brief retrace, we're going to see BTC attempt to break through the November 2017 7.8k resistance that was support mid April and Mid May. This is a strong barrier the pair need to cross to convince many that the bulls finally have control of this market and we're finally in an uptrend. Failure to do so will send the pair back to the previous support of 7.3k - if it breaks through this we're seeing a fall back to sub-7 levels.

Personally, I don't think the retrace was healthy enough to give the pair enough gas to power through this substantial hurdle, so I'm going short in the near-term, but still am bullish on the pair's future.

Comment:

7.8 was indeed to strong a resistance to break and as I wrote here, we've seen a plunging down to sub 7k levels.

All eyes are on 6.2k now, this is such a strong support level it's vital that the pair stay above this if it has any chance on recovering it's downward fall.

If you look at the weekly you will see the floor at 6.2k that's going to be vital to maintain.

Next 48 hours will be crucial for BTC.