Bitcoin: Reclaims mount 4k but for this breakout, $4,200 is the line in the sand
- BTC rallies in first sign of the cup and handle rally.
- Needs to cross past $4,200 for any sustainable breakout.
Bitcoin, the poster boy of crypto world, is giving signs of breakiing out of the cup and handle pattern formation as mentioned by this author in Saturday's article (read here). Condition - crossing past the critical $4,200 mark.
BTC/USD is up about six cents of a percent and just above pyschologically important mark of $4,000, trading in just about one percent range for the day. Low volatility and lower volume is a sign of weekend trading but for any meaningful breakout, volumes need to rise, which may not come through given that we're in a holiday season.
If Bitcoin bulls are indeed able to take it past the breakout point, then next immediate key resistance is at $4,250 - 50 days exponential moving average and then all the way towards the target zone of $5,200.
BTC/USD 180-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.
