Technician
Long

#Bitcoin Attempting a Breakout

BITSTAMP:BTCUSD   Bitcoin / Dollar
2202 4 54
Bitcoin may have started a new uptrend following the breakout above 315 resistance level . The price has been consolidating within a triangle formation and that suggests a possible breakout soon.

Bitcoins were supported by the recent risk aversion environment surrounding the global markets and financial system as an alternative. Having that in mind, if risk prevails, i expect bitcoin to rally to surprising levels.

Technically, IF we break to the triangle to the upside, initial target would be at the latest swing high 502, followed by 678 resistance level .

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Best regards,
Technician
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Thanks for sharing!

Regarding this:
"Bitcoins were supported by the recent risk aversion environment surrounding the global markets and financial system as an alternative. Having that in mind, if risk prevails, i expect bitcoin to rally to surprising levels."

Do you think the "crowd" turns to an even more volatile asset during these times?
Reply
Hello there. I think the crowd turn to main well-know safe havens such as gold. However, as a new currency out of the regular financial system, bitcoin could be another alternative that people, and investors may consider.
Reply
I see descending RSI on your chart, are you taking it into account? I don't use RSI and agree on bullish thesis, so I want to know whether it would be something to hold you back from entering the trade.
Reply
Technician TOP GlebVolkov
RSI reflected the price action. We had a descending peaks on price, and so on RSI. I only worry about RSI if there is divergence(Higher peaks on price but lower peaks on RSI). Thank you for the question.
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