Currently (09:29 CST), Bitcoin is trading right up against an important level. From the beginning of this Gann Square of 52, the current angle has operated as the strongest source of resistance for Bitcoin and has resulted in strong selling as price as approached it. However, the most recent test over the weekend is showing signs of diminished power behind this angle. Angles are not like horizontal levels of support and resistance – they weaken the more they get tested.
We also need to be aware that the monthly and weekly charts are supportive for strong upwards momentum here in the near future, especially on the monthly chart. If we do breakout above this 7780 value area, there is a massive motive wave ahead. We should expect some pressure past the 7780 value area though. The highlighted red box shows a confluence zone of the inner arc, a natural harmonic pivot, and a minor Gann angle. Above that: clear skies.
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