Bitcoin Price Analysis: Breakout on hourly chart

Bitcoin is better bid in Asia with prices currently trading above $8,350 on Coinbase. 

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. 

1H chart

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.

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