in

Bitcoin Price Cracks $8,400, But Can It Continue Toward $9k Region?

At time of writing, Bitcoin (BTC) has broken out of two resistance lines at about $8,400, and the market holds its breath waiting to see if the breakout has legs.

We can see the breakout point, below on the hour chart, out of a diagonal uptrend resistance. Notably, the formation Bitcoin had been trending in looked more like a rising wedge than anything – normally a bearish pattern presaging a breakdown.

(source: TradingView.com)

One piece of evidence in refutation of that pattern interpretation, however, is the rising volume which attended this movement: typically, volume drops off toward the end of the pattern, whereas here it was rising. This might also make us believe that the breakout is not a fakeout, but in…

What do you think?

0 points
Upvote Downvote

Ripple’s partner MoneyNet and PXP Financial sign partnership

Which Coins Will Likely To Be Affected By The Binance Shutdown By The US? List Inside