Hi Guys,
Bitcoin post its move downward on Monday and making a "Hammer" Pattern and closing above the long term upward trendline shows that bulls are still alive : )
However after the run up it has been consolidating in a descending triangle mode. This has been done for a good time as u can see on the hourly chart,
A breakon the upside of 9500 would target 9850 - 9900.
Due to massive overhead resistance, i think it might come down again and take support of the ascending trendline and new support around 9400 - 9600 region to target 10500 level again in the next week.
Bitcoin post its move downward on Monday and making a "Hammer" Pattern and closing above the long term upward trendline shows that bulls are still alive : )
However after the run up it has been consolidating in a descending triangle mode. This has been done for a good time as u can see on the hourly chart,
A breakon the upside of 9500 would target 9850 - 9900.
Due to massive overhead resistance, i think it might come down again and take support of the ascending trendline and new support around 9400 - 9600 region to target 10500 level again in the next week.