The leading cryptocurrency BTC/USD is back at doing what it does best – sharp movements and breakouts during the weekend. It made a significant move again during the weekend, and this time it’s a bullish breakout of ascending triangle pattern. The triangle was providing solid resistance around $8,300 level, but the weekend rally flew past it as now the same level works as a support.
With the latest push, the cryptocurrency has mounted another significant resistance of $8,800. It can now rally to the next overhead resistance of $9,400. Both the moving averages are sloping up, and the RSI is in the overbought territory. This shows that the bulls are in command.
Key Trading Level: 7927.12
BTC/USD – Trade Idea
Fellas, as you can see, BTC/USD isn’t moving anywhere, but is trading within $8,800 – $8,600. The bullish or bearish breakout will determine its next movement. Consider selling under $8,600 until $8,300 and buying above $8,600 with a target of $9,400.