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Bitcoin (BTCUSD) Looks Like it Will be at a New High Soon

Last week, we noted that Bitcoin $BTCUSD looked indecisive after a highly anticipated "fork". However, those initial signs of possible correction were quickly wiped out.


(click to enlarge)

Still Bullish:
- The 4H chart shows a bullish market. 
- Price is above the 200- and 100- period simple moving averages (SMAs). 
- The RSI has been above 70 and has been holding above 40 for the most part, which reflects maintenance of the bullish momentum.
- Price is holding above a rising trendline support.
- Lastly, price action going up has been sharper than price action going down.
- These are signs that Bitcoin will likely break into a new high possibly in this coming week.