Bitcoin could be about to make a move towards $6,800, having witnessed a bullish triangle breakout yesterday.
The leading cryptocurrency, which had been in a narrowing price range, closed at $6,423 yesterday, confirming an upside breakout.
BTC is struggling to find acceptance above the immediate resistance of the 50-day exponential moving average, currently at $6,450.
The symmetrical triangle breakout seen in the above chart indicates the scope for a retest of recent highs above $6,800.
Further, the relative strength index is holding in a bullish territory just above 50.00.
The falling channel breakout and a convincing move above the former support-turned-resistance of 0.031994 indicates a bearish-to-bullish trend change.
View Both BTC and the ETH/BTC are looking north after the technical breakout.
An increased risk appetite is seen lifting BTC above the 50-day EMA of $6,450.
The short-term bullish outlook in BTC would be invalidated if prices see a UTC close below Oct. 31 low of $6,200.
Bitcoin image via CoinDesk archives; charts by Trading View.
Bitcoin Price Eyes Move to $6.8K After Bull Breakout
Publicado en Nov 5, 2018
by Coindesk | Publicado en Coinage
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