Bitcoin Price Analysis(During New York Open)

Hey Friends

Just wanted to check in and congratulate the bulls for that rally that ensued!😁

As you well know by now Bitcoin broke above its key resistance at 6800 and rallied all the way above 7500.

In my last #steemit #bitcoin analysis I mentioned that if we broke that resistance and sustained that we would have changed the short term term trend from bearish to bullish.

I'm looking at the charts again this morning and realizing how strong it truly looks.

In my opinion this move actually may have changed the overall mid to long term outlook for #bitcoin.

If you look on the daily chart for Bifinex here,(I chart Bitfinex and Bitmex because they both have the largest #bitcoin trading volume, so the largest impact on the overall market) you can see that we confirmed the inverted head and shoulders and have broken market structure by breaking previous highs at around the 6800 range.

This is very bullish in a swing trading or position trading approach considering how the daily candle closed. Generally, the longer the body of the candle=the greater the chance of continuation. Longer term investors are beginning to buy.

Now, the price is reaching for previous highs between the 7779(Finex) and 7798(Mex) range for a liquidity pool.

As for now we are trying to break through a number of HTF resistances. We have the daily Ichimoku Cloud, bearish daily breaker(red dotted line at 7488), high at 7798, previous ascending trendline connecting 2017 November lows, 2018 Feb lows, April lows, and May lows that we broke down through, and are hovering above the weekly bearish order block line in orange at 7339.6. In my eyes though, these resistances don't stand a chance in the mid term future.

On the 4 hr and 1 hr time frames we're a bit extended, so we may be due for a consolidation before more rally, but bulls haven't let off the gas long enough on this rally from 6100 to allow for too many entrances on a retracement, so don't count on a huge one if we get it. The longer we consolidate though, the healthier for price action. That is, as long as we don't close below previous neckline at 6757.9. I'd look for buys.

Be aware of the market structure shift and plan your trading style appropriately. It's not everyday in #bitcoin that you get these types of opportunities, so take advantage friends and go forth and conquer!

not financial advice