BrianChai

Here's why BTCUSD is still in the bull game

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi guys its Brian here with a BTC analysis.

BTC has had a really nice run up since the start of April but is the bull party over? It may not be and here's why.

Short term wise BTC is currently getting hit pretty hard as it is suffering from the 2nd sell off with the first being the one on 27th June and the current one starting from 10th July.

But as you can see, both times the prices held above the yellow diagonal support level which has acted as a solid support thus far as price has never fallen below it.

This is why I believe that the bull market is not yet over as price is still above the support line and if it holds, we can potentially see a bull flag or ascending triangle formation before price breaks out to the upside.

https://www.brianchai.com
Free Trading Group

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