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Bitcoin is currently trading at a nice level ready to break out in my opinion. The trend line resistance on a 4 hour timeframe has just seen a breakout. We still need some time to see where the candle closes for confirmation.
Not exactly what I would call a signal, but I would see up move up from here; but like always this is Bitcoin and it loves to surprise.
Bitcoin smashed through that $10,000 resistance zone that was created by the bearish move down we experienced. RSI is at the top end at the moment as we experience a little bit of accumulation on the hourly chart. With the triangle formation seen above, Is see a move up as we have higher lows in proportion to the lower highs. Once we get through the $11,490+ mark the next resistance point is around $12,200 – $12,350.
This is all hypothetical at the moment given the volatility not too long ago. A slight correction down to $11,500 would then be healthy for BTC. A move up from this point could push us up to close around $13,000+. RSI is accumulating at an overbought level, which, could mean good or bad news in any case because this doesn’t really show an accurate indication when Bitcoin is on a bullish run.
Nevertheless, altcoins will most likely fall form the shakeup as BTC dominance is still rocking it’s highs above 60%. Time will tell and as always but the next 8-12 hours is crucial – trade safe everyone; Capital preservation is key!
