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Bitcoin price broke out from the rising wedge, currently moving on and retesting on top of triangle consolidation pattern at $779. The Bitcoin looks set regain control after first touched the roof of the current trendline back in November 4. It has been stuck in that symmetrical channel, combating the bear yet in commanding position. The price was able to bounce from every downward turns.

A breakout from the symmetrical pattern would see it confront the mammoth psychology support level of $800. A massive profit-taking and sellers are line up the test its resilient. It was traded in intraday at 790.34, broke previous peak at 785.15 recorded on June 15. It was since retreated the sub-780 zone.

The 25 SMA is moving away and above the longer-term 50 SMA on chart ploting a possible upward trend is still strong. But the gap still not really big. A narrowing gap would indicate that sellers are closing to outmaneuver the bull charge. Stochastic and RSI showed overbought signals, another clear sign the sellers are in place for the fallout.

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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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