BTCUSD pushes through key resistance level
Moving higher for the 6th day in a row, BTCUSD finished Sunday at 8350.34 gaining $360.19 (4.51%). Today's closing price of 8350.34 marks the highest close since March 25th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 8195.34, Bitcoin confirms its breakout through the prior session's high having traded $241.69 above it intraday.
Sunday's trading range was $415.99 (5.19%), that's slightly below last trading month's daily average range of $553.34. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 8237.16 today, it is now likely to act as support going forward.
Although BTC is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a very bullish sentiment.
Market Conditions for Bitcoin/USD Index
|High close to previous High||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
|7 Consecutive Higher Closes||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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