Summary:
Bitcoin has broken the smaller downward channel that we identified previously and currently trading at 8400ish resistance level. This breakout does mean we are in bullish trend or a trend reversal confirmation yet unless we see the price break through the resistance and make higher highs with good buying volume flow numbers.
The good thing that i like about this breakout is the price brokeout of the downward trendline resistance, retested the trendline before moving up to 8400. This gives us some confidence about the breakout and shows its not false breakout or a bear trap.
What Next:
There is a good probability for the price to make a small retracement to one of the support levels before moving up, which would also sync with MACD.
The next target for this recent swing is around 9200ish level which will be a resistance level and also sync with MACD rotation which might happen in next day or two. All in all, we could say bitcoin has bottomed out for now with some confidence but the strength in this move up but for more confidence we need to see one more higher high.
If you like my analysis please upvote, follow and Resteem this post, You can also follow me on twitter to get instant updates @tradewithtechie
Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
