Bitcoin and the cryptos are showing great signs for a nice little boom. We're seeing prices blow past some key resistances. Earlier today, we saw prices pass $6,190 which was the next huge resistance to get a close above. Once that was crushed, we saw bulls send prices above the $6,250 resistance level. The next significant resistance level we're looking at now is $6,342.
We're looking at a longer term rally right now (but still short). We saw BTC get a higher low RSI with lower high price level. This as I always mention is a huge bullish sign and we are likely to see a price reversal and some movement. Additionally, the other signal I like is the massive hour bar off the low yesterday. This bar took out hours of bear fighting, so it's a huge hint to the bears that they need to step back and take a breather while the bulls take over for a bit.
Overall, I'm excited for the next couple weeks. We should see some nice price action upward for at least two weeks I'd think. I'm predicting a total rally to just above the $7,800 level. This matches supports and resistances and also aligns with the 50% fib retracement level from the last high to the recent low. Good signs ahead. This seems like a good time for a longer swing trade.
Cheers!
