Bitcoin - Can We Break The 50-Day ? [16.07.2018]

Third green bar in a row - that's something new for crypto as of lately. It is really interesting how fast things really change, not long ago a 3-4% was a very, very slow day in crypto - today we celebrate "the end of the bear market" because the volume is relatively high and bears are throwing in the towel.

To be honest I am not sure if this is the "end of the bear market" more likely not, but any green day I would take and enjoy it ! In order for BTC to continue with the pleasant ride to 7000$ it needs to break the 50-day moving avereage and to actually hold it. Last time we broke above it was 2 months ago !

Source

Another challenge is the 6850 - 6900$ resistance, which seems like a pretty solid one. The counter arguments is that there are a lot of stops placed there and we can expect something like avalanche of stop loss orders to activate and trigger an upward move , just like last time !

Overall the graph looks pretty favourable for the bulls, a lot of pivot points to be taken out and stop losses to be activated ! What's your opinion on the matter ? Are you hopeful that this is the end of the brutal bear market or just another bounce on news ? Let us know in the comments