Bitcoin has broken out of the longer term descending triangle, there has been some bullish action across the crypto space with a few billion pouring back into the ecosystem. Bitcoin has been in a strong down trend since the $20k mark and it seems like the market is quite happy with $6k BTC. Lets take a look at the charts.
There is a very nice Adam and Eve double bottom that formed on the 4hr candle chart, some nice green jumbo candles confirming the buying volume flowing back into the market. $6300 acted as a strong support and prices quickly jumped up another $200, bullish momentum is confirmed by the price volume indicator.
The market is currently hitting some resistance in the $6700 – $6800 zones and we will pay close attention the the price action above $6500 – $6600. Consolidation above this zone will mean another leg up sooner than later. Bitcoin has broken out of the longer term triangle and my sentiment on the market bullish, unless $6400 fails as our shorter term support.
It is important to remember that the trend is your friend in the markets and it usually pays to bet according to the trend. Right now we have some nice higher highs and higher lows in the market, nice little bull run developing, should the bulls keep it up I would expect us to greet the 7k zone soon. Safe trades.