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Bitcoin Breaks Out! How High May it Go?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
By TradeStation Crypto

Bitcoin is hitting a two-month high today as it breaks out of a tight bullish triangle that formed in the last week. But now that it's moving and MACD is ramping, how far can it go? Let's go to the triangle on the weekly chart:


The drop between late June and mid-November brought BTCUSD from $13,880 to $7,146. A basic technique of technical analysis is to calculate the difference, which is $6,734. You then add it to the breakout level of $8,000. The result is a possible move toward $14,734.

It's also interesting that altcoins like Ethereum and Litecoin are outperforming Bitcoin today. We haven't seen that kind of relative strength for most of the last two years. If it continues, it may help confirm the strength in the crypto space.

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