Welcome to this updated analysis on BTCUSD Let’s get right to it!
Looking at the daily BTC chart, we can see that BTC has quietly broken above a few important resistance levels. First off, price broke above the falling black trendline , which has acted as rock solid resistance since May 5th, 2018. So, that alone is a major change, where powerful resistance has been surpassed. Unfortunately, it was done on light volume . We need to see some more of these resistance levels fall if the price is going to rally up toward the levels.
So, there is clearly a bit of indecision here, as traders watch the market creep above important resistance levels.
Major resistance has been surpassed, but additional resistance remains overhead. A failure to surpass that remaining overhead resistance would greatly increase the likelihood that BTC will continue to chop sideways for quite some time.
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