Bitcoin and the entire cryptocurrency market had previously been caught within the throes of a prolonged consolidation phase.
This was driven by BTC remaining stuck between $10,200 and $11,200. The resistance towards the upper boundary of this range was shattered in a violent push higher seen yesterday afternoon.
The cryptocurrency now appears to be positioned to see significantly further gains in the days and weeks ahead.
One fractal pattern that has Bitcoin’s price has been closely tracking indicates that this recent upswing could mark the start of a larger trend that sends BTC up to highs of $15,500.
Bitcoin Rallies Past $11,400 as Bulls Take the Helm
At the time of writing, Bitcoin is trading up just over 3% at its current price of $11,420.
Over the past month, it has been ranging between $10,200 and $11,200, with the resistance at the upper boundary of this range catalyzing multiple intense selloffs. Because bulls have decisively broken through this region, further upside could be right on the horizon.
The upcoming weekly candle close – taking place tomorrow at 0:00 GMT – will offer serious insight into the long-term significance of this movement.
This Fractal Suggest BTC May Soon Rally Towards $15,500
He notes that this pattern now signals that it is entering a new uptrend that could lead it up towards $15,500 in the coming months.
Image Courtesy of Kaleo. Chart via TradingView.
If the correlation between this fractal and Bitcoin’s price continues playing out, the next few months will be decisively bullish for the benchmark cryptocurrency.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3lzRNko
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.