Bitcoin BTCUSD is breaking bullish out of its corrective symmetrical triangle pattern and is currently above minor resistance at around USD 71,790.
If breaking above all-time highs at around USD 73,835, Bitcoin has upside potential to the 1.618 projection of the top to the bottom of the triangle at USD 81,909, but could move as high as to the 1.764 projection at USD 83,816, which is also the same distance from the top to the bottom of the triangle – as illustrated by the two vertical blue dotted lines.
Bitcoin could experience a throwback after the breakout. A throwback is where the traded instrument is sliding back, testing the upper (falling) trendline of the pattern from the upper side. Bitcoin should not close back below, which would then hurt the upside potential. However, to reverse this bullish outlook, a close below USD 64,500 is necessary.
RSI is, at the time of writing, above the falling trendline and back above the 60 thresholds, supporting the view of Bitcoin resuming an uptrend
If breaking above all-time highs at around USD 73,835, Bitcoin has upside potential to the 1.618 projection of the top to the bottom of the triangle at USD 81,909, but could move as high as to the 1.764 projection at USD 83,816, which is also the same distance from the top to the bottom of the triangle – as illustrated by the two vertical blue dotted lines.
Bitcoin could experience a throwback after the breakout. A throwback is where the traded instrument is sliding back, testing the upper (falling) trendline of the pattern from the upper side. Bitcoin should not close back below, which would then hurt the upside potential. However, to reverse this bullish outlook, a close below USD 64,500 is necessary.
RSI is, at the time of writing, above the falling trendline and back above the 60 thresholds, supporting the view of Bitcoin resuming an uptrend