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BTCUSD: Bitcoin Looks Ready to Continue North

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I wrote about Bitcoin for the first time on this site on May 5th.

At the time, BTCUSD was trading just below $9,000, which marks a gain of 27% based on today’s price of $11,400.

Since April, I had also been accumulating BTC, which I discussed in detail in the DPA member’s area.

I still have all of the BTC that I accumulated between $7,000 and $9,000, and I won’t be selling anytime soon.

But the Bitcoin price action of late hasn’t been all that exciting.

That’s to be expected considering how each crypto cycle has taken longer than the last to play out.

This cycle will be no exception.

Now for the chart.

As you can see from the daily time frame below, BTCUSD recently broke out of a large symmetrical triangle pattern.

I mentioned it on Twitter a few days ago:

BTC broke free from the structure on October 10th.

And after consolidating for a few days, Bitcoin looks ready to continue north any day now.

The next stop appears to be the top of the triangle near $12,500.

Just keep in mind that the $12,000 area could attract sellers as well.

And although $11,000 is the key support area in focus, BTC could technically drop to $10,800 and still be considered bullish per the recent breakout.

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Bitcoin BTCUSD daily time frame
BTCUSDT daily time frame

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7 comments
Justin Bennett says

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    Ernest Danyo says

    I’ll register as soon I get the money

    Reply
Davy says

I only see more downside on all those crypto’s.
I made a fortune to short this.

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0niyide kayode says

Thanks for the update

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    Justin Bennett says

    You’re welcome.

    Reply
chris says

Hi Justin,
Can you say something about crypto wallets please. I have small amounts of crypto and VEChain with 2 different brokers, but people say I need to have a wallet / ledger?
Cheers

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