Bitcoin approaches major resistance

Bitcoin is approaching the next major resistance area we mentioned after breaking above our first important resistance level of 4,400$.

Bitcoin has broken above the Ichimoku cloud, out of the bearish channel and is rising in an impulsive formation. Price is approaching major resistance at 5,750$-6,000$ and a rejection and pull back from that area is very possible, taking into consideration that the RSI is providing us with a bearish divergence and the stochastic is at overbought levels. Breaking through that level and holding above it would be a very bullish sign. A rejection at resistance would not necessarily be a bad thing. It would be also in the benefit of BTCUSD bulls to see price pull back towards cloud support and regain momentum for another leg higher.

 

More updates to follow…take care everyone!!!