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