Bitcoin (BTC) closed the week down 0.39% at $seven,356 having recovered very rapidly from a daily close, which saw BTC trading down at $6,850 for a short period on Fri morning. Since then, Bitcoin has recovered over 10% and is once more pushing hard against resistance on Monday.

All other cryptos are up over the last 24 hours, nigh outperforming Bitcoin, with XRP being up shut to 9% while just about all other top cryptos posting gains of effectually 5%.

This is a trend change. With Bitcoin recently leading the market, it could be a sign of renewed involvement from the cryptocurrency bulls. As a result, Bitcoin say-so has fallen very slightly below 68%.

Cryptocurrency market 24-hour view

Cryptocurrency marketplace 24-hr view. Source: Coin360

BTC price: 1-week chart

The one week chart shows that the price of Bitcoin continues to press difficult against the resistance of $7,555, which has failed to be cleaved on a weekly footing since information technology was lost mid-November.

Connected rejections in the $6,000s and a recent pattern of overall higher lows demonstrate that upward pressure is building at this moment.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

Meanwhile, volume continues to subtract on spot exchanges and in an overall decline, but there are notable large green candles when price lows take been tested, which hints at aggregating.

The moving average convergence divergence indicator, or MACD, continues to build a bullish divergence on its histogram, which is into its sixth week of college lows while toll has been stagnant. But nosotros are likely to remain a few weeks away from a bullish cross unless at that place is a breakout.

The RSI has clearly stopped breaking to the downside and looks to be drifting bullish to a higher place 50.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

1-day chart

The daily chart for Bitcoin conspicuously demonstrates the bullish picture show on Monday morning with a large green candle pushing hard up against resistance that has emerged post-obit a failure to interruption $7,555 previously, which resulted in a selloff that we discussed as a likely consequence last week.

A large-bodied daily candle will exist what the bulls are looking for. In that location has been continued curt interest at this level for weeks and we should look the same until the rule is cleaved, and the response from the Us in the first couple of hours trading volition exist very telling today.

BTC USD 1-day Chart

BTC USD i-twenty-four hour period Chart. Source: TradingView

The point of control has been acting every bit a good area of back up for the bulls around $7,200 with it but briefly being lost on 3 occasions. The daily candles testify iv back to dorsum green candles, which has not occurred since July, and the near notable book bars appear to exist won by the bulls, which is a positive sign.

The MACD has also been trending to the upside for weeks with a bullish cross with its signal line and has now crossed its zero line, pregnant the underlying 12 and 26 EMAs equally at present crossed bullish.

The RSI is also breaking out to the upside and trending to a higher place 50. Each of these indicators demonstrates multi-calendar week bullish momentum, which is now technically being confirmed (pending a move in price).

BTC USD 1 Day Chart

BTC USD 1 Twenty-four hour period Nautical chart. Source: TradingView

 4-hour chart

The iv-hour chart clearly shows a case for the bottoming design for an changed head and shoulders, which is supported by declining volume as one would await to run into with this design.

Each of the key moving averages is also all crossed bullish. In addition, the 4-60 minutes chart is trying to build upon the close above declining resistance. Combined with the daily shut currently being up against horizontal resistance, this is clearly a pivotal moment.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

The iv-hour chart does show some signs of weakness with failing volume, failing MACD pressure and once again the same on the RSI while the price has been affectionate.

This is unsurprising due to the overhead resistance and the upshot is likely to be adamant as U.Due south. traders wake up.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

Should Bitcoin breakup, the almost likely port of call volition be $7,000-7200 where the point of control lies since information technology has been interim every bit resistance and back up for weeks.

It is as well the 61.8% retracement of the move from last week's lows. And then if Bitcoin is rejected, this could be an area of buying interest. A failure to concur the bespeak of control over again could hateful that the $6,000s may need to be backtested to see if another college depression tin be printed, which would need to be to a higher place $6850.

Failure to shut higher up here on the daily nautical chart would most likely mean that Bitcoin is destined to head lower.

BTC USD 4-hour chart

BTC USD iv-hour chart. Source: TradingView

Looking forrad

Clearly, the toll of Bitcoin is shaping up for a big move. Currently, bulls appear to take momentum on their side, but there is the underlying issue of the overall downtrend in which Bitcoin remains locked in since summertime.

A break out to the upside could still follow with rejection and more downside. The objective is simple for the bulls: defend $7K and reclaim $seven,555 every bit support.

If there are nonetheless bloodthirsty bears, they may only exist waiting for liquidity to short at college levels. All optics will be on the U.Southward. today and the offset one-half of the week will be disquisitional for market participants who are eagerly anticipating the side by side move.

The views and opinions expressed here are solely those of the author and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You lot should conduct your own research when making a determination.