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Fan Yang

Higher High on the Horizon for Bitcoin (BTC/USD)

Bitcoin $BTCUSD has been consolidating for a couple of weeks, but is in a bullish breakout.

In the previous assessment, we noted that if price can close below $10,000, we are likely looking at a bearish correction.

We then anticipated that a hold below $11,400 would be a good sign for the bearish correction. We didn’t get that.

We also claimed that a break above $12,400 would be a sign of bullish continuation. This latter scenario materialized.

BTC/USD 4H Chart

(click to enlarge)

  • Price eventually consolidated in a triangle pattern.
  • In other words, price was coiling sideways instead of correcting downwards.
  • Price has broken out of this consolidation pattern as well as the resistance at $12,400 - we are likely looking at a rally to another high on the year.
  • The $11,200-$11,400 area could still be an interesting pivot area. A break below $11,200 at this point might bring back the bearish correction scenario.
  • Otherwise, we are looking at a push to $14,000 and potentially $15,000.
  • At this point, the only critical resistance is the 2018-high in the $18,000-$20,000 area.

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