The following signals seem to support a continuation move to the upside similar to what we have recently seen in ETH:
With the wedge breaking to the upside and the scheduled 7-hour shutdown at Bitfinex tomorrow there is likely to be much larger price action than what we have seen in the last several days, all of this will undoubtedly bring higher trading volume over the next 48 hours. Recently Bitcoin found a bottom on low volume and the volume picked up once a move higher was initiated, we may see this once again in the coming week.
- MTF momentum strategy indicates lower timeframes now in alignment with the daily chart.
- Cloud resistance was broken on the 12-hour chart following Tenkan/Kijun cross.
- RSI finding support again on the uptrend line as the fast line crosses above the slow line.
- 10-day wedge broke decisively to the upside.
With the wedge breaking to the upside and the scheduled 7-hour shutdown at Bitfinex tomorrow there is likely to be much larger price action than what we have seen in the last several days, all of this will undoubtedly bring higher trading volume over the next 48 hours. Recently Bitcoin found a bottom on low volume and the volume picked up once a move higher was initiated, we may see this once again in the coming week.
