Bitcoin price analysis: Can this small triangle breakout lead to larger breakout? BTC futures launch led to price correction: San Francisco Fed
|- Small triangle breakout on the short term charts, can long term follow?
- SF Fed says BTC futures launch in Dec co-incided with price correction.
BItcoin price has given a breakout of a triangle pattern, visible on the short term charts, which is a positive development for the BTC bulls as it could lead to prices rallying all the way towards long term barrier line, whether there would be enough momentum to take it past that resistance is the question that only time can answer.
BTC/USD up 0.6 percent at $9,355, up about $100 from the day's low of $9,253.25. There doesn't go a day when regulators or some big voices do not comment on Bitcoin in particular or cryptocurrenciers in general. Today is the day of San Francisco Fed which issues a letter and says launch of Bitcoin futures last year on CME co-incided with price declines in the BTC spot prices.
"The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence. Rather, it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset."
From technical point of view, BTC broke out of a triangle pattern on 30-minute chart and now can rally all the way upto $9,700-$9,900. That is where it has a key hurdle in the form of 200 days SMA as well as long term trendline resistance, both need to be crossed for overall trend to turn bullish.
BTC/USD 120-minute chart:
BTC/USD daily chart:
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