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Bitcoin (BTC/USD) - Breakout Exposes Previous High Around $11700

Bitcoin found support above $9000 this week, and has been on a bull run. From the 4H chart below, we can see that price is cracking a falling channel resistance. 

BTCUSD 4H Chart

  • Price is breaking above a falling channel.
  • BTC/USD also appears to be anchoring above the moving averages, which is a bullish sign as well.
  • If price can hold above $9600, I think there should be upside towards the $11600-$11700 area.
  • Now a run up to $11700 might appear bullish, and suggest bitcoin is bottoming, gearing up for a bull run outside of the short-term.
  • However, I would suggest considering the possibility that Bitcoin has simply shifted into a sideways market after a bear run from a high of $20,000 to a low around $6000. 
  • If price pushes above the current resistance around $11700, the next critical will be around $12800-$13000, a key support/resistance pivot. 

Litecoin/Bitcoin (LTC/BTC) at Key Support

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