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 7499 (horizontal swing high resistance). We do have to be cautious of the intermediate resistance identified at 7182 (61.8% Fibonacci retracement, horizontal swing high resistance).

Stochastic (55, 5, 3) approaching its support at 3.2% before making a bounce up.