Its been a boring 14 days of sideways move for the price of bitcoin, but recent price action seems to be showing increased signs of a possible upward move in price.
The spike in volume hours back brought about a $220 increase in price, but the momentum could not be sustained as price was quickly rejected at the confluence of resistance of the symetric triangle and the downtrend line resistance.
However, a quick bounce at the $6600 support area is a bullish scenerio giving us a continuation of our higher low formation.
With EMA 20 presently acting as support, RSI sitting at 50% area, and price presently consolidating at the $6650 area after being rejected again at the downtrend line resisitance around $6680 and with a very vey weak and depleting volume, i do expect to see a breakout (upside) of the descending triangle and the symetric triangle in the next couple of hours.
Moreover, sentiments across the crypto space continues to remain more bearish, and as mining cost continues to increase (presently $7300/btc mining cost) more miners are leaving the mining biz for the bigger players. This and many more, including the growing positive fundamentals are indications that the bottom is here, and a trend reversal is around the corner.
The spike in volume hours back brought about a $220 increase in price, but the momentum could not be sustained as price was quickly rejected at the confluence of resistance of the symetric triangle and the downtrend line resistance.
However, a quick bounce at the $6600 support area is a bullish scenerio giving us a continuation of our higher low formation.
With EMA 20 presently acting as support, RSI sitting at 50% area, and price presently consolidating at the $6650 area after being rejected again at the downtrend line resisitance around $6680 and with a very vey weak and depleting volume, i do expect to see a breakout (upside) of the descending triangle and the symetric triangle in the next couple of hours.
Moreover, sentiments across the crypto space continues to remain more bearish, and as mining cost continues to increase (presently $7300/btc mining cost) more miners are leaving the mining biz for the bigger players. This and many more, including the growing positive fundamentals are indications that the bottom is here, and a trend reversal is around the corner.
