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Bitcoin Trying to Break Free of a Super-Tight Range

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin started moving on October 8 after Square made a $50 million strategic purchase.

Since then, BTCUSD has proceeded to pull off several feats.

First, it took out the mid-September high of $11,183 on October 10.

Next, it had a bullish inside day on October 11, followed by a large bullish outside candle on Monday, October 12.

That bullish outside candle also established support at the old resistance level of $11,183 from September 19.

Prices remained trapped inside of the October 12 candle for a week, retesting the old resistance level again on Friday.

Yesterday morning, BTCUSD started breaking out of the range. It’s stayed above the previous high, creating the potential for an acceleration higher.

Traders have watched cryptos for a while, waiting for signs of a turn. Now could be the time that it happens.

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