Bitcoin's Breakout Takes It To $6100
Updated
The BTC price has been consolidating inside a short-term range since March 13. IT is currently in the upper portion of the range and has created an ascending triangle (right picture). A breakout from this pattern is expected. A breakout that travels the entire height of the pattern would take the price all the way to $6100, reaching the high of March 12 and the closest resistance area. This would constitute a breakout above the trading range, whose resistance is now likely to act as support.
The weekly chart (left) shows that the price is currently trading in a neutral zone below the $6100-$6800 area. The proposed breakout would take the price right to the lower limit of this resistance area. The expected movement would be a breakout towards $6100 followed by a decrease towards the previous bottom at $4300.
If the price reclaims the $6100 level, it is likely to head towards $6700. At the current time, that seems unlikely.
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The weekly chart (left) shows that the price is currently trading in a neutral zone below the $6100-$6800 area. The proposed breakout would take the price right to the lower limit of this resistance area. The expected movement would be a breakout towards $6100 followed by a decrease towards the previous bottom at $4300.
If the price reclaims the $6100 level, it is likely to head towards $6700. At the current time, that seems unlikely.
Please leave a LIKE if you enjoyed the analysis.
Note
First target reached. Expecting the 0.5 Fib level to provide resistance, or the price to reach a maximum of $6700 before decreasing.
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