themuzzman

Bitcoin Breakout! Now What?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Dare I say it with about 8 hours left in the trading day and before this candle closes...... but this will mark the first day that Bitcoin             has closed outside of this bearish downtrend channel that formed back at the all time high.

The most likely outcome is that we continue to rally higher into the 50 day moving average around the $8,600 level. This can reject the price and smack it down like a frightened turtle.... or it just stall the price. If we can get back to the 50 day moving average, flirt around with it and then break above on volume . We will be in good shape.

Either way, we're in better shape just by busting out of this multi month downtrend. There is still plenty of room to run with the RSI not even above 60. The bullish MACD cross that happened on April 8th was a good indication that the trend could potentially change over the next few days.

If the 50 day moving average can act like a magnet and bring the price up, we should have a lot of fireworks and quite the battle as the bears will probably be out in full force to defend that area.
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