#BTC Bitcoin technical analysis update 17.7.18

Hey,

So nothing new with bitcoin, the inverse h&s is still what's on people's minds. We've sort of established a trendline and will be looking to break the 6850 resistance soon.

First I believe given the fact that the indicators show overbought on every time frame and bearish divergences are developing i'm looking for a bit of a retrace move before continuing up.

Keep in mind we can stay overbought for days before coming down so it's entirely possible that we break resistance before cooling off however i think it's unlikely.

Sentiment today: bearish/sideways
Sentiment this week: Bullish

I should also mention that a lot of good news are coming out for bitcoin which is only positive for the overall market sentiment. I think for the first time in a long while we're actually looking good.