Bitcoin Price Breaks Out

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Bitcoin price has broken out of a consolidative wedge pattern and the upside is wide open if price can maintain momentum.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 15h00 UTC

BTCC 1-Hour Chart

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From the analysis pages of xbt.social, earlier today:

Two trendlines (blue) that had contained price during the past few weeks have been breached – to the upside – and price is currently retesting a long-term Fib line in the BTCC chart.

Earlier today a bearish ECB outlook report saw the EUR/USD drop below 1.06 while the US Dollar Index pushed above its 100 points “psych level”.

If bitcoin is advancing in response to these market developments, then it has a significant advance ahead. However, before we get too excited, there is still the possibility that the current bitcoin chart move is only reactionary – it is fullmoon, after all.

Firstly, price must hold above the Fib line, immediately below, and then price needs to advance to the next Fib extension target at $328. Once we see these additional confirmations in the chart we can then look to $340, $350 and $360.

Summary

The bitcoin price chart had drawn sideways for close on two weeks and, as outlined in yesterday’s analysis, today’s push higher happened at the apex of a contracting wedge price pattern. If price can continue higher then the $300s are open for advance. Falling back into consolidation, or worse, the decline will be a disappointment, so continuing advance during the next twelve hours is crucial for a bullish outlook.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

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Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.