Sunday Prep 8/08 - $BTC Outlook
After the breach of the upper channel resistance, we pulled back to the 20d/monthly pivot/annual pivot and held beautifully. It has since bounced and actually made a new high over the previous week’s. This is all very constructive for the Bitcoin bulls, but they still face the 200d which is standing directly in front of them. It also just happens to be in the same area as the weekly 20sma. This could prove quite an area of resistance. We’ll see if they can get through it this week or if they need to retreat a bit to build up some more steam first.
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