Bitcoin broke above the long-term resistance yesterday with a powerful move up. Do the bulls have what it takes to maintain the momentum?
With the dramatic rise over the long-term resistance, the bears are starting to show weakness in the face of the bulls pressure. Now the bulls will be looking to consolidate their gains before attempting another push upward. In the short-term, we can expect that the bulls will test the resistance level of $6800. A successful break of this resistance is likely to lead to a strong rally to $7500 where the bulls will once again consolidate before attempting another push.
On the downside, a failure of the bulls to maintain the ground they have gained could see Bitcoin slip back to support at $6300. Though, at this time, the bulls are not indicating weakness.