Bitcoin Broke Out of Its Descending Resistance Line

Price broke out of its descending resistance-turned-support line where we see it rising to its resistance at 7708 (50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance identified at 7479 (38.2% Fibonacci retracement, horizontal overlap resistance).

RSI (89) shows a corresponding bullish breakout from its descending resistance line which contributes to our bullish bias.