Bitcoin bulls ask, are we breaking out?

  • Long term on the verge of breaking out.
  • Short term resistance still in place.

Bulls of Bitcoin, the defacto King of cryptocurrencies, are on the edge of their seats as the poster boy is on the verge of breaking out on the long term chart even as there's still a short term resistance to cross past.

BTC/USD is down about two cents of a percent at $6,413 and trading in about half a percent range. On the daily chart, BTC is on the verge of breaking out of its falling wedge pattern that has been forming on the charts since last few months, all it needs is momentum and a little push after the breakout.

But before it breaks out on the daily chart, there is a descending trendline resistance on the 360-minute chart as well. For the bulls to break out on short term as well as long term horizon, they need to cross past $6,450 and sustain past $6,800 before any meaningful rally resumes. Target for this falling wedge breakout is $12,000.

BTC/USD daily chart:

BTC/USD 360-minute chart:


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.