Bitcoin Price Watch

Bitcoin price key:

• Bitcoin price appears to be keeping its head above the near term at the area of interest.

• An inverse head and shoulder pattern could also be completed. This happens if it bounce back to the resistance.

• Top channel could be enough to confirm that a big bitcoin trend is coming under way.

Technical Indicator Signal :

The 100 SMA is crossing over the 200 SMA to suggest that bearish momentum is over and that path of least resistance is the upside. The reversal could gain more traction from here, especially when the cross over is completed.

Bitcoin price complete the inverse head and shoulder on this 4 hour time frame, and this is considered a potent reversal signal. The pattern would span from $5800 to $6800 the resulting uptrend is same.

RSI is already closing on the overbought zone and is showing intention to head back down. Similarly stochastic is starting to turn upon reaching over bought territory.

Market Factors:

Bitcoin was off to a rallying start on July but most of these gains were returned last week on negative commentary and abother exchange back. Updates could be on continuation of the earlier side.