Bitcoin bulls ask, are we breaking out?

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

Manoj B Rawal Independent Analyst

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:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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