Bitcoin saw small gains last night, but the weak move did little to further the bull case.
The target resistance level to beat yesterday was $8,285.
A high volume close above that mark would have signaled a long-term bullish trend reversal.
The daily chart below shows bitcoin closed yesterday at $8,273 on Bitfinex, meaning the breakout remained elusive.
A new 24-hour candle opened above the descending trendline support, creating a false picture of a bullish breakout.
While it appears as though the bull breakout has happened, the move is more of a sideways breach of the long-term trendline hurdle.
The major level to watch out for on the high side is now $8,460.
A convincing move above that level would establish higher highs and higher lows pattern and would likely confirm a longer-term bull reversal.
The risks of a pullback are still high, given the unconvincing breakout.
A failure to hold above the descending trendline support of $8,230 could yield a drop to $7,823.
Bitcoin Resistance Rises to $8,460 After Unconvincing Breakout
gepubliceerd op Apr 20, 2018
by Coindesk | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.