Happy Friday crypto friends! It looks like the bulls are underway here as we're seeing some nice upside.
It looks like we might get a nice bull break from consolidation, however, we still need to see that higher high. For now, this is basically about at the $8,300 level.
Litecoin is the big winner (about time) today. Bulls piled into the crypto and we're about to see the 5th bull bar in a row with increasing volume. There might be a volume climax here soon though, especially if the rest of the markets don't take off as LTC did.
Yesterday, BTC bulls saw several iterations of increasing hourly bull volume which made me optimistic about the conditions of the market.
As you can see on the daily, we could still end up being in longer consolidation if bulls don't continue this movement. Essentially, there could be another couple of cycles of tightening action.
$7,800 and then $7,600 are the floors right now, but initial support is at $8,000
Hope you all have a great weekend ahead. If we're lucky maybe we will see the bulls break out here. At this point, I'm feeling very much like the odds are in favor of the bulls.
