On the weakly BTC chart, we can see a clear Breakout from the downtrend, however, the Candle is still developing as we speak, therefore we need to wait for it to close above the trend line.
-On the Daily Time frame, we have seen a Candle closure above this Trend line already on a good Volume, Confirming the presence of a Bullish Momentum.
-However, there is a strong multi-week overhead Resistance around the 9350-9450 area. This is probably the biggest obstacle in front of BTC at the moment. If the Price breaks through, we would like to see this level to flip from Resistance to Support.
We will keep an eye out on this level and see what Price Action/Candle formation develops around it.
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