The popular cryptocurrency, Bitcoin, is once again showing signs of a new bullish run toward the strong psychological and technical resistance around $300 USD area. It’s doubtful we will see any significant moves this month, because we only have three more days left. However the overall look on August 2015 is very positive and it’s possible we will break the resistance and price will stabilize above the $300 USD later in August.
The first week of July was a great bullish trading week that managed to break through a very tight Bollinger Bands formation. It’s a clear sign for bigger, more serious moves in the near future.
We are slowly but surely moving towards a second attempt at breaking the $300 barrier. It’s especially clear on 1H and 4H time frames.
You have to realize that the $300 USD range is a very strong resistance level. Not only because it’s just a nice round number, the last time we were at this level was in March this year.
We can hope it breaks through this time, but in reality it can take up to three retries when the price can finally stabilize above that level.