Here’s What To Watch After Bitcoin’s Breakout

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One month ago, I showed how Bitcoin had been trading in a channel pattern for nearly seven months as it lost half its value. I said that “If Bitcoin can stage a convincing, high-volume breakout above this channel in 2020, further gains are likely.” Since then, Bitcoin has broken out of its channel and is now approaching the key psychological level of $10,000 once again. Convincing, high-volume pushes above the key levels of $10,000, $11,000, $12,000, $13,000, and $14,000 are necessary to confirm the continuation of the cryptocurrency’s bullish move.

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The weekly chart makes it easier to visualize Bitcoin’s channel pattern and recent breakout. If Bitcoin can clear the technical congestion from $9,400 to $14,000, it should open up the opportunity to gun for its late-2017 highs once again.

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For now, investors and traders should monitor Bitcoin’s price action and volume as it attempts to push past its overhead resistance/congestion area.

https://www.forbes.com/sites/jessecolombo/2020/01/31/heres-what-to-watch-after-bitcoins-breakout/#2d7c413a3df1