Bitcoin: Triangle breakout on the horizon

BTC on the verge of breaking out of a short term triangle.
May result in about 10-15 pct rally in prices.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency by market capitalisation, is on the verge of a triangle breakout and sitting just around upper end of the trendline resistance on the short term chart, once broken on the upside, may result in prices rallying about 10-15 percent in the short term.

BTC/USD up about 0.75 percent on day at $3,849 and trading in less than 2 percent range for the day, in a lower volume, lower volatile weekend trading. On the two-hour chart of this crypto it is sitting just at the cusp of upper trendline resistance of the triangle formed.

Once broken out on the upside, it could easily give 10-15 percent kind of rally in the prices. Confirmation of this breakout would be once price goes above $3,915 and trades firmly beyond it with volumes.

BTC/USD 120-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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