Bitcoin fell immensely after hitting a record high of $ 64,896.75 as some traders decided to seek short-term profits for themselves.
However, the correction did little to offset the benchmark cryptocurrency’s positive bias. The analysts continued to believe that the BTC / USD exchange rate would rebound from its daily lows to continue its uptrend as it was. One of them is Dr. Jess Ross.
The founder / CEO of Vailshire Capital tweeted earlier Thursday that Bitcoin remains “wildly bullish” and cited an ascending triangle to support his positive sentiment. In retrospect, the BTC / USD exchange rate was trading within the bullish continuation pattern, with the range between $ 60,000 and $ 61,000 serving as an intermediate resistance.
Bitcoin broke out of the ascending triangle pattern earlier this week. Source: BTCUSD on TradingView.com
Earlier this week, the pair broke the price cap on supportive macroeconomic sentiment. Coinbase, the largest US cryptocurrency exchange, debuted on the Nasdaq exchange after a landmark direct listing. Traders used the Wall Street-oriented signal to raise their Bitcoin bids in so far as the price rose more than $ 5,000 in the hours leading up to the listing of Coinbase stock (ticker: COIN).
The news helped Bitcoin break above the $ 60,000 to $ 61,000 range after weeks of testing. But its effect wore off on Wednesday afternoon in New York. The wild fluctuations in the COIN market shook traders within the spot bitcoin market. As a result, the price fell so that traders could guess about the next possible bias in the cryptocurrency market.
Bitcoin Next To $ 80,000?
Dr. Ross noted that Bitcoin bulls should wait for the price to fall towards the previous price cap of ~ $ 61,250 before buying the cryptocurrency or placing a bet on its upward move. He added that BTC / USD would rise higher after testing the flipped resistance level.
“Great opportunity to buy higher before the next leg,” he tweeted.
As also reported by NewsBTC, breakouts of the ascending triangle typically increase price by the maximum length between the top and bottom trend lines of the pattern. That puts Bitcoin’s breakout target at nearly $ 80,000.
Photo by Macau Photo Agency on Unsplash
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