Crypto.IQ BTC Analysis July 24, 2018

Massive upwards move on volume after breaking the important resistance at $7.8k.

Price Action Levels

Resistances

The new level of important resistance lies within the daily bearish orderblock from $8.4-8.25k. This level also lines up with the .618 fib retracement and the 3D bearish orderblock. A break above this will likely send price upwards to the $9000s.​

Supports

Furthermore, after breaking the crucial resistance at $7.8-7.6k, this level now flops to support. This level will be important to hold above to keep a bullish market structure in tact.

Below $7.6k we have the 4H OB support at $7.2k which we saw price rally off of before the move above resistance at $7.8k.

Indicators

Ichimoku Cloud

In true cloud fashion, price is moving on through the cloud and up towards the opposite edge at the $8.7k target after experiencing a bullish kumo twist. The next bullish indication for the daily cloud would be a green kumo (cloud) twist and a breakout above the cloud.

Oscillators

Additionally, the 4H stochastic is showing overbought and a slight curve downwards after a bearish cross. Without buying too heavily into a lower time frame oscillator, this could show us we are due for at least a bit of consolidation after move if not a retrace.

Conclusion

As expected, the break above $7.8k saw an explosion upwards in price, triggering a collection of new buy orders/longs, stop losses from shorts and liquidations.

This is a very bullish sign coupled with increasing volume across most exchanges, showing strong interest in the asset.

The next important level, similar to how $7.8k and $6.9k acted, is the daily OB and .618 fib retracement from $8.4-.825k.

A break above this will also likely send price on an expansive move upwards. $7.8k now needs to hold for the bullish market structure to remain intact.