Bitcoin breaks out and everyone rejoices, but why? What lies behind the movement…let’s examine the technicals.
The last 36 hours of trading have finally seen the upside break BTC has been searching for after finding ground near the 5800 mark, a pivot point that held the long-term downtrend channel lower trend boundary. As seen, this large channel/flag is still active and continues to maintain price in a systematic manner. The upper trend line that is now sought out currently stands at about 8k, but as a movement will have giveback and time value in-between, this is likely to sit at about 7800 for a while as discussed yesterday.