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So, as we can see above, the Bitcoin has broken above that little triangular formula that was posted before in the last analysis.
Check out the volume spike here.
This is actually what you want to see when you’re looking for definitive support/resistance point breaks.
Remember, as time passes, the bars will fill in to the right. So that $8.45k point is the next point of MAJOR resistance.
What do I think could/will happen?
Why? That long-term resistance line is HEAVY. This is something that dates all the way back to December (logarithmic).
Also, let’s see what’s going on from a zoomed out view:
So, this chart shows what I think is plausible from an outside view based on this chart.
So some points on the momentum indicators:
RSI off the charts. This is the 2H chart.
Rate of Change is off the Richter on the 2H. This is the same with the 4H, 8H, 12H, and 1D TFs. So, I don’t think that the run is anywhere near stopping at this point.
Looks like the momentum is strong at this moment and you’re safe to remain in here until further notice.