• 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:

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

How to trade DOGE as crypto markets coil up after recent crash?

How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin price trades between the $0.078 resistance and $0.057 support levels. DOGE could either sweep the $0.074 level first before crashing to $0.057 or directly do it from its current position.

More Dogecoin news

Solana price action will get boring unless one of these levels is broken

Solana price action will get boring unless one of these levels is broken

Solana price is trading inside a symmetrical triangle with liquidity resting on either side of it. Although SOL came close to breaking out, it was rejected and pushed into two barriers, where it is likely to consolidate.

More Solana news

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

HBAR price shows a drop in volume amidst the current downtrend. Hedera Hashgraph has the potential to rally towards 2000%. Traders should keep the smart contract alternative token on their watchlists and consider a dollar cost average approach for investing. 

More Cryptocurrencies news

Is a 75% decline still possible for the Ethereum Classic price?

Is a 75% decline still possible for the Ethereum Classic price?

Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally. Invalidation of the uptrend is dependent on $13 holding as support. 

More Ethereum Classic news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP