Quick update on the BTCUSD market for the short term.
We can see a lot more positive fundamental news coming out this weekend and the chart is reflecting that confidence.
We can see that there is a nice channel building and the RSI is ticking higher confirming, at least on the very near term, that the bulls are here.
We have some bullish candlestick formations within our channel and I would expect a break above the channel to gather some good bullish momentum.
I think the futures closed a lot higher than many expected and this has summoned some confidence back into the market.
We broke out of our immediate down trend but prices are still getting rejected by the 10 MA, which could mean a bit more see-saw action in the 10500 – 12200 zone.
Please note there is heavy resistance around 13k and we will wait for that level to break to confirm a bullish trend.