Bitcoin showed some major strength today and finally broke out from its negative trading channel. Here is the daily chart:
Comment: From the chart you can see that the upper trendline has been broken and we formed a nice bullish looking candlestick for the day. We also closed near the high of the day and whats even better is that the volume increased as well.
So, it does look pretty good here on the daily chart but we are still below some important price levels. The nearest one is 10560 and that is the last peak we have had.
Now, lets assume that we will take out that peak, then we are looking at the very important price level of 11700. Lets have a look at the area line chart:
Comment: Here we can see that if we surpass 11700 we can likely say that this short term bear market is over because that would mean that we break the negative trend.
Happy trading!