The hourly chart shows the cryptocurrency’s narrowing price range has ended with a bullish breakout, implying an extension of the rally from lows near $6,850 observed about ten days ago.
As seen in the chart above, the price breakout and move to a session high of $8,400 is backed by highest trading volume (green bar) since January 10
If the current hourly candle settles above the horizontal resistance at $8,290, a stronger rally, possibly to levels above the recent high of $8,469, could be seen.
On the downside, a move below Monday’s low of $8,045 would suggest a temporary top is in place and increase the odds of weakness to support near $7,970. A violation there would expose next support at $7,670.