Bitcoin continues to show strength, even on low volume. With the SEC announcement declassifying Bitcoin as a security, Bitcoin rallied with due to reduced regulatory pressure. While the chairman did not comment, other cryptocurrencies such as Ethereum may soon see reclassification.
Technical analysis wise, Bitcoin did not even reach my marked green bid zone before pushing upwards against the upper bound of the triangle. With successive higher-lows, an $8k test (marked orange zone) seems inevitable. This is a marked zone of support, then resistance - typical for a large round number.
Anticipating a price spike to marked red kill zone, where additional resistance was seen.
Concerning margin positions, Long positions rose sharply during a zone of consolidation where it was previously a zone of resistance. As you can see from the vertical red line, these positions rose sharply before the announcement, stop hunted (but held) and continued rising.
Volume-wise, the rise is on low volume. Typically bearish. Volume fingerprint indicates consolidation which, if at the top of a triangle, would be very bullish.
Legal Disclaimer: I am not a financial advisor. The information provided in this blog post and any other posts is for informational and entertainment purposes only. It is not investment advice. Consult a qualified financial advisor before investing. Do not invest more than you can afford to lose.
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