Optimism is back on the crypto market. All thanks to Bitcoin as the BTC is reversing sharply since touching new mid-term lows at the end of June. We do not normally talk about the cryptos but recent movements are encouraging us to write a piece about the biggest crypto in the world.
July is really great for the crypto traders. As for now, Bitcoin climbed around 2000 USD. It all started with the inverse head and shoulders pattern. Breakout of the neckline (orange) increased the bullish momentum and confirmed the buy signal. Most recently, BTC created a rectangle (grey), which showed us a flat bullish correction. Today, price broke the upper line of the rectangle and went higher aiming the long-term dynamic resistance. That is a good place for a bounce and taking profit action. Breakout is also possible and can give us a strong, long-term buy signal.
Currently, the buy signal stays in place and will be denied when the price will come back below the neckline, which for now is less likely to happen.
