- 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:
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.