Technical Analysis

We have seen a sharp increase in BTC/USD in the last week. It can be a positive signal that the bulls are back in the game, all technical indicators provide us with a momentum increase on buying volumes. The short squeeze has again showed its strength to all short sellers. Our analysis does not indicate financial advice, it is our personal view of the market, therefore we can not commit to the accuracy of the information. We can see on MACD that is rapidly approaching its 0 point with an intersection between the averages already taking place on the 15.07.2018, signaling a further increase in price of BTC, however we are struggling with a resistance at $7440, seeing this breakthrough in price, we can see a movement to our next resistance $7600 and further to $7850. However we must keep in mind that we are still on a bearish trend and until the price won't surge above this resistance, we can not call yet this movement a reverse in trend.