BTC is following a shorter-term descending resistance line. If it can break out above this line, it could be the catalyst for a sharp upward move.
BTC increased significantly on July 21. After falling to a low of $29,278, it began a rapid upward move that led to a high of $32,858.
This created a bullish engulfing candlestick. In addition, it reclaimed the $31,300 horizontal support area that previously had been in place since May 19. This is a bullish development since the area is now expected to act as support again.
