Bitcoin: reversal pattern confirmed. What next?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has finally surged past the $7,000 mark after a break above the $6,800 resistance which capped gains since June 10. As a result, the coin has been testing the $7,500 area on Wednesday for the first time in more than a month. The latest movements may signal a major change in industry sentiment.

There were quite a lot of bullish factors in the market recently. In particular, Coinbase, the largest exchange in the world, has been approved to list tokens that are categorizes as securities. Meanwhile, cryptocurrency-friendly David Solomon moves into the chief executive role at Goldman Sachs. Japan’s LINE is reported to launch a cryptocurrency exchange BitBox this month, while BlackRock has formed a team to look into the industry.

The long-awaited series of bullish headlines, highlighting the growing interest in the industry from the institutional investors, indicates an improving outlook for the market which suffered a major decline since mid-December. However, in the short-term charts, RSI is signaling overbought conditions already, which coupled with stochastic is in the overbought zone, may warn about the return of selling pressure in the short term, especially considering a strong resistance around $7,800.


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