The Bitcoin market performed very much like we outlined in last weeks report. We are currently seeing higher highs and higher lows, indicating the start of a bullish trend in the market. Lets take a look at the chart.
Bitcoin spent most of last week testing the resistance zone around $6700 – $6800, and we found ourselves above it during the weekend, before the sellers stepped in with the global markets waking up. We currently find ourselves in the $6700 zone.
To remain uber bullish on the market I would like to see prices consolidate above $6800 this week and test the $7000 psychological resistance, where we could see a breakout, or a sell-off into the new buying momentum.
A break above the 7k resistance will surely make the headlines and we could experience some fomo if there is not much selling pressure in the market.
On the flip side, support is still between $6400 – $6600 for me, and should these levels fail to act as support, the market will retest the 6k zones. Personally I am bullish and would expect some “terrible news”, fake or real, to get this little bull run stopped.
Feel free to discuss any of my trading ideas in our Discord community.