The last market sell-off we had pushed the price of Bitcoin down to the ~6100 level where it traded in that range for about 4 days. The price has tested the bottom trendline 3 times now without a trend penetration surpassing that of 3%.
However, the past two times the price of Bitcoin has tested the trendline resistance, it has been rejected.
Currently, the price is moving in an ascending channel supported by increasing bullish volume the previous 4 days. In congruence with volume, the Stochastic RSI had a bullish crossover on 9/9/18, and the stochastic is rising. Moreover, the MACD looks as if it may crossover which would support more bullish movement.
All of these factors could culminate in such a way that, if the price breaks the 0.382 fibonacci resistance, we could test the bottom of the Ichimoku cloud at the 7k mark.
However, the past two times the price of Bitcoin has tested the trendline resistance, it has been rejected.
Currently, the price is moving in an ascending channel supported by increasing bullish volume the previous 4 days. In congruence with volume, the Stochastic RSI had a bullish crossover on 9/9/18, and the stochastic is rising. Moreover, the MACD looks as if it may crossover which would support more bullish movement.
All of these factors could culminate in such a way that, if the price breaks the 0.382 fibonacci resistance, we could test the bottom of the Ichimoku cloud at the 7k mark.
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