RaduV

BTC Evolution - Resistance ahead

BITFINEX:BTCUSD   Bitcoin / Dollar
BTC             still has some work to do in order to confirm the (good so far!) bull run. There is one obstacle around the 8k mark, where I expect tough resistance.
As you can see, the 8k mark is the support of the previous bearish channel . I think that we will need a big green volume bar to break through.
RSI is looking ok on the 1h and 4h, and very good on the 1d mark.

If BTC             does not break the resistance, it doesn't automatically mean that it will collapse. It means that it is consolidating.

Kommentar: Resistance is holding for now. We need more bull volume to break it
Kommentar: After a day-long fight, resistance seems to have collapsed. Next critical point to beat is the zone around 9.5k. If BTC blasts through the red line, we have a double bullish confirmation. A new higher high - looking from the short and long term perspectives. RSI still points there is buying power left.
Kommentar: BTC still in mini-bull run but it curved it's growth comparing to previous update. The trend kept forming Higher Highs and Higher Lows (confirmation of bull trend). Notice the decrease in volume since the low was reached (red arrow). High volume is crucial for keeping the trend alive but let's see what the new week brings. On one side the Chineese New Year can still trigger some BTC sales (cash for Lambo needed!). On the other, there are some important crypto conferences which can boost-up interest/ volumes.
https://www.tradingview.com/chart/UToZp79W/
Trade ist aktiv: BTC surpassed the 9.5k resistance and gives bullish signals: RSI, MA 200 and increasing volumes. Next resistance is formed by the downtrend bullish channel line. If that falls, the bearish trend which started in December is officially broken.

I expect increasing crypto volumes in the coming period, as of the Chinese New Year (today!).

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