Crypto Trade Academy

Bitcoin Update

Bitcoin broke the mayor triangle resistance line at around $7,800. The triangle was forming from the beginning of February this year till it finally broke out on July 24th. Bitcoin started its short-term uptrend at around $6,200 and gained momentum when the price broke above the inverse head and shoulders neckline.

The current price of bitcoin is well above $8,000 and it looks like it’s going to close the daily candle high above the resistance line which will likely become the support line.

The RSI is already heavily overbought so a retrace is likely to happen very soon. I don’t expect it to go below $7,600 because the market is really hot right now.

Overall I expect an uptrend continuation towards weaker $8,500 (near 200 day MA) and stronger $9,200 resistance areas.