Bitcoin breaks above key levels

Cryptocurrencies have been gaining momentum in recent days. Let’s have a look at Bitcoin’s technical situation. Taking a look at the daily interval, one might notice that the price successfully broke above the key resistance area near $41,000. The zone was marked with 1:1 structure (red boxes) and previous price actions. Smashing through the mentioned resistance and the downward trend line may actually lead to the sentiment reversal. Should the upward move continue, the area near $47,000 could be the next key resistance (50% Fibonacci retracement of the sell-off started in April and previous local lows).

Bitcoin, daily interval. Source: xStation5