Bitcoin had a very good day yesterday, it rose 5,5% and "closed" the day at 2740 on Bitstamp. It closed the day almost at the top and that is a sign of strength but lets have a look at the daily chart:
So, whats important to look at here? Well, we need to look at the previous top from June 14th. We need to take out this top at 2800. What is really good in this situation is that Bitcoin actually close higher yesterday than on June 14th and formed a bullish candlestick, that is another good sign for an upward movement.
But lets have an even closer look, here is the hourly chart:
From the hourly chart we can more clearly see that we closed higher than on the 14th of June. However, we did not pass the "hanging man" candlestick at 2800. So, the next step will be to pass 2800 and then aim for a new All Time High which is at 2980 on Bitstamp. If we pass 2800 we will most certainly get some resistance at 2980 but overall it looks very bullish.
The last thing you could look for is volume, if the volume picks up today and it passes the bar from yesterday (assuming that Bitcoin will make a new daily high), that would also indicate that more buyers are stepping in.
Happy trading!