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Bitcoin Price Analysis: Bullish Trend Is Forming

The past week ended for increase in the price of bitcoin and many other altcoins. A weekly candle, at last, looks positive for bulls. Most likely, the bulls will want to continue growth, and the price will soar.

btc-usd weekly chart

On the daily chart, a breakdown of the global triangle occurred, the price on Thursday soared by more than 10%. The price will continue to go up smoothly, and the next local resistance which there may be sales are levels of $9 200, $9 800 and $11 700.

This triangle could not break resistance for exactly 4 months, and the breakdown happened around the time that we planned. And if the resistance has broken, it was logical to follow the bullish option now. So we continue to trade within the global five-wave cycle, and at the moment, wave 3 has started to develop with the targets of $15 000-$17 000.

btc-usd daily chart

On the 4-hour chart there is now a slight correction, but we may assume that the price should not fall below $7 800.