It's exciting times if you're invested in alternative assets like Cryptocurrency with the fundamentals globally shifting markedly bullish just over the last few weeks. We've had the US Federal Reserve make it's first (big) rate cut, signaling a return to easier money and now China is on board this week by kicking off some additional fiscal and monetary support for it's own markets.
Bitcoin has been in a Bullish Flag Continuation Pattern since March so over the last 6 months it has effectively consolidated it's stellar run from earlier this year. The channel it's been trading in is fairly easy to spot with a couple of lines drawn over the chart so the question is - "When is it going to break?" I personally think it's likely to be soon...
The chart has already made a higher low in early September and while we are still likely to see some Resistance at the upper bound in October I now think it's very likely we are going to see a Breakout to the upside in the next month or so and the price target I am currently keeping an eye on is about $67K USD. If we get through that price with some momentum then we are ON.
A breakout like this is likely to be good for a number of Cryptocurrencies as Bitcoin is usually the Bellwether for the broader crypto markets. We've been seeing a bit of life in the HIVE price recently so I think it's likely that HIVE will catch a bit of a bid alongside Bitcoin if I am right about the end of this consolidation phase.
DISCLAIMER - This is not financial advice
