Published on July 9th, 2018 | by bitcoin0
Price Indicators Shift in Bitcoin Rally’s Favor
Since hitting an annual low of $5,785 in June, bitcoin has increased roughly 15 percent against the U.S. dollar, and technical indicators suggest the cryptocurrency might not be calling it quits just yet.
The rally has been interrupted over the past few days by resistance at $6,800, a level first approached on July 4.
With a close of $6,584, the day arguably saw control slip back into the hands of bears eager to drive prices lower.
However, bears couldn’t further capitalize as price followed the rejection by entering a narrow trading range of less than $250 over the following two days.
After rejecting from the 0.236 Fibonacci retracement level (from May high of $10,000) the bitcoin price has formed the continuation pattern of a bull flag.