According to sources who are analysing the current situation regarding the bitcoin price consistently, it appears that the cryptocurrency may be in line for a major breakout.
An analysis from Telegram groups and recent comments on Discord channels have also appeared to confirm this sentiment.
Bitcoin has officially made a higher high on the daily, testing a big resistance at $7,800 (inverted head and shoulders target) and testing the mid-term downtrend line. The top line has now broken and one can expect a big run up in the days ahead. According to sources, if the line is broken more this week at the right time, it will cause a flood of buying followed by a small retracement or correction.
At present, the bitcoin price is trading just above the $7,700 level on Bitfinex, with turnover slightly on the lower side when compared to last week’s levels. What is different from the usual is that all major cryptocurrencies have either registered small drops or are stable, with BTC being the only real gainer alongside bitcoin cash and cardano. Sources said that it is still not the season for alts –- these continue to perform sluggishly although that could change when bitcoin starts its upward ride.
The fact that BTC pushed a higher high is already bullish, and we also closed the daily with a higher low. The RSI keeps peaking into overbought conditions and cooling off, maintaining bull momentum for the upcoming ETF news. The news regarding a new bitcoin ETF would certainly send the market skyrocketing upwards.
It appears that bitcoin is nearing bull confirmation, with high volume coming from buyers. A break of $7,800 can send BTC into a run to $8,250, which is the level needed to break and confirm at least mid-term bull, as it is a swing high of the recent downtrend.
Sentiment remains bullish, with bears struck in fear with every leg up. This is looking great for BTC; however, we are still in a 6-month bear market trend, so it would be good to keep an eye on price movements.
Supports and Resistances have been identified by traders in Telegram group RSSignals as follows:
Key Supports:
$7339
$7214
$7075
Key Resistances:
$7798
$7943
$8225
Click here for a real-time bitcoin price chart.
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Author: Gerald Fenech
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