Bitcoin holds breakout and retakes 30K

Bitcoin is back above 30K in today's session extending yesterday's breakout.

Hard to look past Bitcoin today as buyers hit 30K, a price level not seen since June 2022. The move started yesterday as Bitcoin buyers broke above 28,600 resistance, and the move was held at the close, which is a great sign as it's the first set in confirming the move.

Today buyers jumped back into gear, breaking yesterday's high and moving back into the 30K Handel. In under two days, just over 7% of value has been added to its price.

The breakout looks to have confirmed an ascending triangle pattern, and these are quite common continuation patterns seen in up trends, so it's a good sign to see this as it could suggest that the current uptrend has further to run.

If we do see further upside, we will be looking at 31,800 as a possible level of resistance. If we do see a new reaction lower in the short term, we would like to see the breakout point become support which is a sign of buyer strength.

US CPI is due tomorrow, if we did see a surprise jump to the upside in US inflation, this could impact Bitcoin on the short term, but we hope that it would only be minor as Bitcoin has been running its own race so far this week ignoring yesterdays rally on the USD.

Good trading.


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