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Bitcoin's (BTC/USD) Bullish Breakout Opens up the $6000 Mark

Bitcoin (BTC/USD) surged about $1000 during the 4/2 session from around $4100 to around $5100 before cooling down.

BTC/USD Daily Chart

Consolidation Breakout:

  • As we can see on the daily chart, price has been in consolidation mode since late December, when BTC/USD held above $3000.

  • After several months of consolidation, price eventually broke above the sideways pattern.

  • The break came with a surge to $51000. It should be noted that this $5000-$5100 area was a previous support/resistance pivot in 2017.

  • While there might be some profit-taking here, and therefore a pullback, I think BTC/USD has upside to $6000 as long as it can stay above $4000.

  • Yes, even though price is settling around $5000 by the end of the 4/2 US session, we should not be surprised if the pullback can send price back towards $4000.

  • I think if price can indeed hold above $4000 after a subsequent pullback, Bitcoin would be in a real bull market that might even break above the $6000 mark.

  • For now, I think we should limit the upside to $6000 and watch the $4000 area for support.

Bitcoin (BTC/USD) - The Price Story As Told be Triangles

Bitcoin (BTC/USD) is in a Melt Up; Awaiting Breakout from $3940-$4040 Range