Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors.
Bitcoin started seriously today, after a series of higher lows and lower highs, Bitcoin shows that it prefers to be bullish rather than bearish, it goes for its first higher high in quite a while.
According to analysis a breakout expected before the 22nd October, it just happened and we are now back again on bullish bias/waters… This is good, because we have really good chances of Bitcoin continuing to move up strong after today; first we wait for this daily candle to close. This is just the beginning.
We have really, really good volume on the daily candle. At the rate we are going, we are looking for the highest volume since April or even earlier, we will see how that goes. The RSI is moving up strong and already in the bullish zone.
The STOCH is coming out of oversold with buy signal and trending up. Plenty of room left available for growth.
The MACD still needs work but this looks like it will be a very positive date for Bitcoin.
Our main support is now sitting at $6220 on BitFinex. Around $6150 – $6300 is our new main strong support range now on average. After that we have the classic strong support which is the strongest at $5755 + $6000. We also have the $6000-$6100 range that can count as additional support. But this doesn’t matter now, we are moving up.
So let’s talk about resistance. We moved up all the way to $7788, that’s a lot. 23%+ increase from today’s candle alone. This is similar to the action we are seeing with Altcoins, a great sign that their bullish action is a sign of bullish action coming for Bitcoin, this now has been confirmed as true.
Resistance is being faced now at $6800+, this should be our major resistance for the daily candle. $7400 is also a very strong one but higher, since we touched it earlier and Bitcoin is the king of breaking expectations, it can also decide to break and close above this level. If we close above $7400 today, we are super bullish. Right now we go for a close above $6800 first and go from there. Expect more update as this ride up to the MOON develops.
It is also observed by another great analyst that according to the above chart “Price would then trade sideways for a seemingly extended time frame as negative sentiment grows. BTC and altcoin price-cycles might remain synchronized throughout Depression but will be visibly contrasted by Disbelief, where advocacy of a continued Bear market will dominate. Hope will strike unexpectedly and, in hindsight, the start of the new market cycle will be obvious.”