BTCUSD: Bitcoin Looks Ready to Continue North

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 is testing the top of a large symmetrical triangle.

$11,100 is the level to break on a daily closing basis.#Bitcoin #BTC pic.twitter.com/OScAZXQ1qL

— Justin Bennett (@JustinBennettFX) October 9, 2020

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.

Want Me To Help You Become A Better Forex Trader?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in October!