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Bitcoin Nearing a Double-Top Breakout, New Price Target

Cryptocurrencies are almost perfectly suited for point and figure charting as their round-the-clock trading almost guarantees that there will be no significant gaps in trading (the bane of using point-and-figure charting on traditional investments). Point and Figure charting has been used for hundreds of years by the largest financial institutions (although they don't admit to it, and even discourage its use), and has stood the test of time. For readers that aren't familiar with it, point and figure is very simple and at the same time remarkably complex. The column of X's (that Bitcoin is currently in) indicates a bullish trend . Second, we are nearing a previous high that would constitute a double-top breakout once it is breached. Finally, and I had to go to another piece of charting software to demonstrate this, the current price target is $6328, a 31% increase from current levels. Note that point and figure focuses only on price, it ignores time, so there is no timeframe on when to expect it to hit $6328, only that it is the next profit target in play