Bitcoin Price Analysis: Huge Breakout on Technical Charts

  • 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’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

 

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