Bitcoin Price Breaks Above Resistance
Bitcoin price followed a gold price move that broke above resistance today. The move, in both charts, comes as a surprise and we have to adjust our outlook. Bitcoin price has pushed above a constraining trendline, and this event invalidates the expectation that price was building a base for advance. Interesting to note that the gold price surged above long-term support (at $1,150) just prior to the bitcoin price chart trendline breach. Gold price is annotated in pale blue in the chart above (taken a few minutes prior to the bitcoin price surge) The wave up is reverse diverged to January....
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