Bitcoin On Brink Of Technical Breakout

Bitcoin is in the midst of forming a ‘high & tight’ bull flag pattern within the context of a larger head & shoulders bottom pattern:

BTC/USD (Hourly)

This pattern is virtually symmetrical which is not something we often see on longer time frames (more than a few days). So far today several attempts to decisively break-out above the neckline of this H&S pattern have not succeeded, however, energy is building and the more times a level ($7700) is tested the more likely it is to break.  A breakout above the $7700 level would carry with it an upside objective of at least $8200.

Thus far it’s been a good weekend for cryptocurrencies with total crypto market capitalization rising by more than US$15 billion since Friday afternoon; EOS (+21.5%) and Bitcoin Cash (+9%) are leading the charge among coins in the top 20. A Technical breakout in Bitcoin could reinvigorate a sector that has become stagnant recently.

 

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Cryptocurrencies can easily lose 100% of their value. It’s your money and your responsibility.

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