Bitcoin consolidated around the low 8000's yesterday and as of today it has regained its highs close to 9000.
The MACD line has crossed over the signal line, which is a bullish indication.
If we zoom in to the 1 hour, you can see that I drew a line at the highs where there should be some resistance for Bitcoin.
I would like to see the price breach this line around 9000, and if it does, I am expecting a quick move to 10000 in the next coming days.
Overall, if you look at the first picture of the 1 day chart, I would like to see Bitcoin break above the 200 EMA, which is around 10700 to 10800 before we confirm a bullish uptrend for the next for weeks/months for Bitcoin.
If this does not occur, we will most likely see Bitcoin retrace again to the 7800-8000, where the 38% Fibonacci level lies. Bitcoin should be capable of consolidating and bouncing off this level, but if we cannot develop support there, I am expecting a quick flush of some leftover panic sellers to the 61% support level at 7000.
Also, I do not have the RSI on the chart, but the RSI is approaching the overbought levels. I think that once we hit 10000 the RSI will be overbought, and we will probably see a pullback down to the 9000 level and a short period of consolidation. (this is if we do break above 9000 and hit 10000 soon)
Conclusion: We need Bitcoin to break above 9000. If a breakout does occur, I will be much more confident going into the remainder of this month, even if more regulation news comes out.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
Top quality analysis, I hope the crypto market will turn bullish soon.
Thanks! And yes I am too we just need that confirmation break at 9k!
Bitcoin momentum is on the verge of turning INCREASINGLY BULLISH. IMHO confirmation should take place over the next few days on a BO above 9100 - 9500 with conviction..
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