Bitcoin price analysis: Small breakout is done, now to bigger one?

BTC breaks out on the immediate chart.
Longer term breakout could be on the horizon.

Manoj B Rawal Independent Analyst

Bitcoin, the poster boy of cryptocurrencies gave a small breakout on the immediate chart and if bulls can gather some more momentum, it may reult into larger breakout of the falling wedge, as reported by this author on Saturday.

BTC/USD is up about 0.75 percent on day at $6,243, around day's high of $6,299. On the 15-minute chart, BTC broke out of a descending trendline resistance on Sunday to run all the way to where it is currently.

Although this breakout doesn't give enough strength to the bulls to cross past the major long term resistance line of the falling wedge placed on the daily chart. (Read full story here)

BTC/USD 15-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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