Crypto.IQ BTC Analysis July 26, 2018

Consolidation after the large move upwards continues, similar to the breakout move we saw after $6.9k

Price Action Levels

Resistances

(Same levels as yesterday) 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

(Same levels as yesterday) 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.

(Same levels as yesterday) 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

(Same situation as yesterday) As long as price remains within the cloud the target goal for cloud traders will be the opposite edge of the cloud and a breakout above the cloud. At the moment this cloud edge lies around $8.7k. The next bullish indication for the daily cloud would be a green kumo (cloud) twist and a breakout above the cloud.

Moving Averages

Looking at the 200 1D MA, which long term investors use to decide the state of the trend, is just above the current price at $8.6k, which is line with our horizontal resistance level. A break above this would be an indication of BTC being a in a longer term bull trend for investors who use the 200 MA to determine trend.

Conclusion

Very little volatility and price action in the past 24 hours, very similar situation to yesterday.

This is to be expected, expansion is followed by consolidation and vice versa.
Price is giving indications of reaccumulation, seen in the bullish reaction to any short term drop in price being bought up.

To reiterate, bulls are currently in control of the mid-term trend and will remain in charge as long as price can maintain above the breakout level from $7.9-7.7k.