Bitcoin Breakout Near??
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
Bitcoin is maintaining a very narrow range just under $30K. Volatility has consolidated considerably, with lows edging up from $27K to $29K. We identified a bull wedge pattern with upper bound at $30K or so for the past few reports. This could suggest that Bitcoin is read for a breakout, but we have signficant resistance confirmed by multiple red triangles on the KRI at $30K and $31K. If we are able to breakout, $32.3K is our next target, then we are sure to have resistance in the $34K’s. If we break down, then $27.9K is sure to provide support, but after that there is a vacuum zone down to $25K.
