The crypto-currency market is growing. Capitalization of all crypto currencies exceeded $300 billion. Trading volumes are going to update local highs. Thanks to Bitcoin, the growth of capitalisation was more than 5% per day.
Yesterday BTC broke several important levels at once. The pair BTC-USD demonstrates the cardinal change of the trend from bearish to bullish. However, there is only one fact that makes me nervous - recoilless movement since July 12: BTC grew for 36% from 6100$ to 8300$ without any correction.
What to expect now?
Firstly, the goal was $7800. It was formed after the breakout of the reversal figure "head - shoulders". Now the target is 8800$, which was formed after the "bullish flag" was triggered. For many people, large volumes in the breakthrough of key levels suggest that the bearish trend is coming to an end.
Technical analysis indicates a change in mood and trend. However, at the level 8580$-8880$ there is a solid resistance range, which can slow down the movement of the pair. The breakthrough of the local ascending wedge (dotted line on the chart) sets the following target for the BTC-USD: 8580$ - 8800$ - 9100$.