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Bitcoin Is Trying to Break Out of a Bullish Triangle
Bitcoin grabbed some attention three weeks ago as it broke above the February high around $10,500. It’s consolidated in a tight range since, which now resembles a bullish ascending triangle.
The pattern is noteworthy because its low of $10,559.59 on August 2 was slightly above the previous peak. It flirted with $12,000 a few times without attempting a breakout – until this morning.
Looking at the hourly chart, we can see BTCUSD built support above its 100- and 200-hour moving averages since Friday. That caused it to squeeze higher and attempt a breakout this morning.
Meanwhile other trends are potentially supportive: A rising hash rate, widening investor interest and a weak U.S. dollar.
The pattern is noteworthy because its low of $10,559.59 on August 2 was slightly above the previous peak. It flirted with $12,000 a few times without attempting a breakout – until this morning.
Looking at the hourly chart, we can see BTCUSD built support above its 100- and 200-hour moving averages since Friday. That caused it to squeeze higher and attempt a breakout this morning.
Meanwhile other trends are potentially supportive: A rising hash rate, widening investor interest and a weak U.S. dollar.
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