Bitcoin saw a bullish breakout yesterday afternoon, with the king of crypto moving back up into the $6,400 – $6,500 range. More importantly, some analysts are predicting further moves to the upside with $6,800 and $7,000 touted as the next short to mid-term targets.
But what has changed in the markets?
As you may know, Bitcoin has been trading sideways for quite some time and a move up or down was fully expected this week. However, this upward move toward $6,423 on Coinbase yesterday is confirmation of a breakout to the upside of a symmetrical triangle pattern.
Bitcoin Breakout or Crypto Fake-out?
Bitcoin, the leading cryptocurrency, looks to be nearing the end of endless months of fighting between the bulls and the bears. But is this really the end, or just another fake-out which could end in another serious dump?
The truth is, Bitcoin is currently struggling to stay above the 50 day EMA (exponential moving average) and little has changed by the way of uncertainty.
At the time of writing this post, BTC is changing hands at $6,383 on Coinbase, having reached up to touch $6,440 earlier in the day. The cryptocurrency is currently down -0.54% in the past 24 hours and mostly unchanged on the weekly charts.
Short Term Outlook for Bitcoin and Cryptocurrency
Over the next two days, analysts on Trading View also expect the EMA to be crossed but with ETH/BTC also looking to rise, demand for alt coins is expected to grow.
In fact, despite some obvious concerns of impending doom, the MACD histogram is rising which suggests that further gains are possible.
General Outlook from Analysts on Trading View
- BTC and the ETH/BTC expected to rise somewhat after a technical breakout.
- Slightly more interest in BTC could support this upside.
- Short-term bullish view of BTC is invalid if prices close below $6,200.
Writers Disclosure: I am not a financial analysts and the above article was written based on views and opinions on Trading View. Derek Cullen is a cryptocurrency writer who creates interesting content for small businesses and cryptocurrency websites. You can hire Derek to write for your website here on Deadly Content.
