Happy Friday crypto friends! It looks like the bulls are underway here as we're seeing some nice upside.
It looks like we might get a nice bull break from consolidation, however, we still need to see that higher high. For now, this is basically about at the $8,300 level.
Litecoin is the big winner (about time) today. Bulls piled into the crypto and we're about to see the 5th bull bar in a row with increasing volume. There might be a volume climax here soon though, especially if the rest of the markets don't take off as LTC did.
Yesterday, BTC bulls saw several iterations of increasing hourly bull volume which made me optimistic about the conditions of the market.
As you can see on the daily, we could still end up being in longer consolidation if bulls don't continue this movement. Essentially, there could be another couple of cycles of tightening action.
$7,800 and then $7,600 are the floors right now, but initial support is at $8,000
Hope you all have a great weekend ahead. If we're lucky maybe we will see the bulls break out here. At this point, I'm feeling very much like the odds are in favor of the bulls.
Thanks for posting todays update
thanks so much
as for the breakout targets, fibs worked really were thus far so I would assume either 9250 or 9700, or anywhere in between... however the ABC-up target would be ~10500 which is above the psychological resistance of 10K so that's pretty far-fatched imho
NIce. Yea based on the weekly chart I was targeting $10k next week. If bulls can hold this weekly chart as is, it'll be a great setup for a big run next week I'd think.....then likely a substantial pullback.