Bitcoin price analysis: A small breakout needs some more thrust
- BTC breaks out on the short term chart.
- Doesn't have momentum on its side.
Bitcoin, the poster boy of the cryptocurrencies, has given a small breakout on the short term charts from the very trendline it was unable to cross past in the past few days and now has resistance too from the very support it broke down of. (Read earlier story here)
BTC/USD is up more than a percent on day at $6,323 after hitting as low as $6,166. On the hourly chart, as mentioned by this author on Saturday, BTC had broken down of a critical support line and now on the upside has broken out of a descending trendline giving small thrust to the bulls to try and head higher, bit by bit.
On the upside, BTC now faces resistance from the very trendline support it broke down of on Saturday, that line now is placed around $6,500.
BTC/USD 60-minute chart:
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.
