By - Bitcoin has confirmed a bull breakout on longer duration charts.
- The cryptocurrency is consolidating in a narrow range on the hourly chart.
Bitcoin has broken downward-sloping trendline on the weekly chart, indicating an end of the six-month descent that began from highs near $13,800 hit in June,
1-week chart
With the invalidation of the bearish trendline, the main trend has turned bullish and the resistance at $9,203 stands exposed.
The breakout is supplemented by bullish readings on long-term indicators, as pointed out popular twitter analyst Zoinky.
Bitcoin is rallying off the 50 RSI on both the weekly and monthly charts. On the monthly chart, we have only seen this kind of action 3 times in history, two of which were prior to the popular halving events. This 4th rally could be epic. Just enjoy the ride.
— zoinky (@coinjunky) January 13, 2020
Bitcoin’s weekly and monthly RSI (technical indicator) has bounced up from 50 – a sign of bullish market conditions.
The bullish setup, however, has so far failed to entice buyers. The cryptocurrency is currently priced at $8,100 – down 1% on a 24-hour basis, as per BitcoinPrice.com.
The 4-hour chart shows the bulls have failed twice in the last three days to chew through offers above $8,200 and is now eyeing the trendline support at $8,060. A move through the trendline support would create room for additional losses. On the higher side, a strong move above $8,200 is needed to revive the uptrend from lows near $7,700.
1-hour chart
