View Bitcoin has jumped to $10,500 as expected and looks set to test key resistance at $11,120 over the weekend with the daily chart indicators beginning to align in favor of the bulls.
The outlook as per the daily chart would turn bullish if BTC prints a UTC close above $11,120 on the back of high volumes.
Bitcoin is flashing green for the fourth consecutive day and could test key resistance above $11,000 over the weekend.
The 14-day relative strength index seems to have found acceptance above 50.00, a sign of bull market conditions.
The moving average convergence divergence histogram, an indicator used to identify trend change and trend strength, has crossed above zero, confirming bullish reversal.
The MACD is indicating that the pullback from June's high of $13,880 has ended and the path of least resistance is now to the higher side.
BTC could test the bearish lower high of $11,120 over the weekend.
A high-volume UTC close above that level would further confirm bullish revival and open the doors to $13,000.
Both the RSI and the MACD have produced lower highs, contradicting the higher highs on price.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin's Price May Be Building for a Move Back Above $11K
Published on Aug 2, 2019
by Coindesk | Published on Coinage
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