Bitcoin price analysis: This breakout lacks momentum
|- BTC broke out of a long term falling wedge this week.
- Momentum tapers off after the breakout.
Bitcoin, the King of cryptocurrencies, broke out of a falling wedge pattern on the long term chart, but bulls lack vigour and strength to capitalise on this breakout. End result - BTC is going back towards the breakout trendline and perhaps below it.
BTC/USD is up two cents of a percent at $6,433 and trading in less than half a percent range for the day - says it enough about lack of volumes and volatility in a crypto that should be high on volumes after breaking out of falling wedge on the daily chart.
Key support for the bulls to rely on, now is the very trendline support, placed at $6,233, break of which will be termed as a failed breakout for the king while also risking in prices going below psychologically important $6,000 mark.
BTC/USD daily chart:
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