$WAVES chart

Bitcoin breaks out above key level of short-term resistance

Over the past few weeks, we’ve been discussing how Bitcoin ($BTC) has been stuck in “no man’s land,” chopping around indecisively in a range.

However, conditions improved over the past week and we have definitely noticed a significant change of character in cryptoland.

Although still confined within its sideways range of the past seven weeks, $BTC….

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Impressive reversal action off the lows in the major indexes last week.

S&P 500 – There is quite a bit of support in the 4,100 – 4,200 area with three bullish reversal candles off the lows in the last two months.

Last week’s action produced a bullish engulfing candle which occurs when the real body of the current candle opens below and closes above the body of the prior candle. The prior candle should be red . The engulfing candle shouldn’t have big wicks where the open and close are too far from the high and low of the day.

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