Bitcoin is having a huge day. It broke the resistance level of $4,125 and is heading up. Technical indicators on all charts are looking great for bulls as direction heads up.
The pattern seems clear that since BTC broke the down trend resistance, it's now following the upward support.
This break of $4,125 came with volume, confirming the movement and indicating gains to the upside are on the agenda. With breaking this resistance and forming a higher high, BTC has positioned itself and proven that it's a trend reversal and we should see more movement to the upside.
In addition to everything positive, we get additional confirmation from the daily bars as well.
We saw a bullish reversal candle touching off the upward support which was confirmed the following day by a nice healthy stick to the upside. The following day had a bearish inside bar which is always a good sign, especially when followed by another big bullish candle, which was then followed by another inside bear bar. These are two great signs as its showing the bulls fighting back equally on bears and the bears giving up which pushes prices up.
Today, we're looking at a big bullish green marubozu candle. Since we broke the big resistance levels and proved BTC can get above the $4,000 level, it's likely we'll see movement up towards the $5,000 level here before too long.
Signs are pointing up and we should see a nice bit of upside for at least the next few days.
Best of luck and happy trading!