Q4 fever is setting in across the crypto community as BTC cruises past $6,500, short trades on the futures market slump to a three-month low and Mike Novogratz predicts a bullish end to the year. Chart indicators also appear to be hinting at a likely continuation, after a wave of new investment at the start of the month carried BTC off its $6,320 support. Since then, buying momentum has been consistently strong for the asset as bullish sentiment returns to the BTC market.
Only one thing stands between Bitcoin and the moon right now, and that’s the $6,800 resistance. So far this critical level has rejected four breakout attempts that launched from the $6,320 support and will add significant pressure on the bulls as they edge closer toward the price point. If candles are able to close above this resistance, however, and indicators continue to look strong thereafter, then we should start to get excited about a new bull market.
What The Chart Indicators Say
Looking at a number of indicators on the 1D BTC/USD chart, ...
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