This is an update on Bitcoin’s price action as of July 4th
For Bitcoin, this is on the 1H chart — so take it for what it is.
So, this is the little uptrend that we’ve been on since June 29th. It’s held faithful and true and the price is rising so far. We’ll have to see this uptrend line get tested one more time before we can confirm that this is a reliable line that we can depend on.
This is one of the reasons that $6.8k looks like it’s going to be a very reliable resistance point on this chart here.
The pink circles are all of the times that this $6.8k resistance has been tested. It’s worth noting that we have not been OVER this $6.8k resistance since June 10th (almost a month ago), and it’s throttled the price down twice. So, I’ll be watching this area closely as the price starts approaching nearer to this point.
Here’s the bullish pattern that I see going on at this very moment in time
So that overhead resistance is right at that range of $6.75k-$6.8k
There was a double bottom that formed on this chart on the 4-hour, but the range of that move expired at the $6.8k mark as well (no, seriously) Check this out:
Explaining the double-bottom pattern.
So, the $6.8k point seems to be the deciding factor. If that’s broken, I would expect the price to break $7k+.
Based on the RSI reading, I believe that this will be the case. We’re still FAR from overbought on the daily
We can see my indicator is showing the price has a LOT of room to grow before it hits the max volatility point.
RSI hasn’t even crossed 50 yet.
My verdict? Lots of room to grow. Not sure if it will get thrown back off of $6.8k, so make sure to watch for that because the market will lurch.
Barring any further events like what you saw yesterday, I don’t anticipate that there should be any volatile movements going DOWNWARD.
We’ll go ahead and examine the lower time frames to see when those RSI indicators start to exhaust itself to get a sense of when there may be a ‘cooling off’ period incoming.