Bitcoin [BTC] has largely been exhibiting sideways movement over the past week, and it recently saw a hike up to the $6800 level. However, this resistance seems to be a crucial gatekeeper for the next movement upwards.
There is a strong uptrend which has provided momentum since the middle of September, which is the $6150 – $6350 – $6480 – $6570 line. This is set to coincide with the $6780 – $6689 line, which has formed from the $6800 ceiling.
The 20-period Weighted Moving Average is at $6630 and is providing a support for the next run.
The MACD is moving upwards with a bullish crossover, and momentum seems to be building as seen by the histogram.
The Awesome Oscillator is flashing a green signal, signifying more bullish movement to come.
There is a strong uptrend forming from the middle of last month, with a movement from $6240 – $6500 – $6600 in the last two weeks. There is also a downtrend from $7370 – $6790 – $6650.
Resistances have formed from the last bearish run at $7370, $7000, $6900, $6700. The last one has been broken before, and this run is looking to test that as well.
The Stochastic indicator is moving upwards towards the overbought zone. It also represents a bullish divergence as seen by the trend lines between the indicator and price movement.
The Klinger Volume Oscillator also seems to exhibit a bullish tendency, as the oscillator is set to move upwards as the line crosses it.
There is a sharp uptrend in the Chaikin Money Flow indicator, representing that more capital is flowing into the market even as the price stays in the same zone.
The Accumulation Distribution indicator reflects the same trend seen in the price, indicating that the uptrend will continue.
The $8180 – $7360 – $6630 downtrend is integral for this run, as it represents long-term price movement. This is countered by the $6250 – $6460 – $6620 uptrend.
The technicals are flashing a bullish forecast for Bitcoin in the next few days. Important resistances to break from its current price include the $6800, $7000 and $7300 marks.
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