Bitcoin has risen more than 1% since yesterday to $295.76 as bulls made another attempt at crossing the supply hurdle. As technical factors come into play, we may eventually see a decisive breach of the resistance.
In the last analysis Bulls Struggle At Resistance, I had concluded that Bitcoin is a buy on dips opportunity, and as can be seen, the price did dip to $286.43 before bulls rushed in to add Bitcoin to their portfolio and took the price to an intraday high of $297.44.
Looking technically at the daily BTC-USD price chart conveys that even though the price rise is still capped by the resistance, we may see a bullish breakout in the coming sessions.
Bitcoin Chart Structure – The chart structure is bullish at best, and it is only a matter of time before we trade above the psychological level of $300 again. The last bullish candle is a strong indication that the gains may come sooner than later.
Moving Average Convergence Divergence – MACD has widened the gap with Signal Line, leading to gains in the