BITCOIN - 8/3/2017 Price Update

Bitcoin continues to make higher highs and higher lows since July 26th. At the moment the price is on the verge of breaking overhead resistance at around $2772. We need to break above this level and reach about $2910 to make another "higher high." This will also bring us above the trend line formed by the symmetrical triangle's bottom

What to look out for:

A break above $2772 and a continuation of higher highs as of late. I'm looking at a target of around $2910 to really solidify a new rally towards new highs. If we fail at $2772, prepare for a subsequent retest of $2629. If price action gets weak and we test resistance without a breakout, then all of this could be a bull trap. At the moment I remain optimistic and see this as a good time to start adding to longs.