Obviously, the first thing that stands out is the strong upward trend in the daily chart. The all-time high so far was formed in mid-July of this year. Since then, the currency has been running in a very clean triangle.A small double bottom pattern can be seen on the short-term time frames, signaling bearish exhaustion and potential profit-taking.
Price is also moving inside a descending channel pattern on its 1-hour chart and has just bounced off support.
Yesterday, a brief breakout out of this triangle occurred, but the downward movement was stopped pretty rapidly. And again today, the bitcoin was unable to close beneath the triangle, but was instead bought up to a higher point.
In my opinion, the failed breakout will now most likely lead to further increasing prices, and in the next move, the currency would then begin an attempt to break out of the triangle in an upwards direction.If the 2400 area is overcome, the next large hurdle is not until 2500, followed by the next resistance areas in steps of approx. 100 after that.
The surpassing of the 2400 would complete this trend reversal formation and would offer a price potential up to at least 2550
I generally remain bullish for cryptocurrencies, and for the bitcoin in particular. Last week, the CFTC granted the first SEF (Swap Execution Facility) for bitcoins. With this, the trading of bitcoin options is now also possible in a regulated market environment.
I believe we are just at the beginning of a larger development, which, in the course of the cash ban that is surely soon to come, is bound to become ever more interesting.
Note that the double bottom spans $2250-$2400 so the resulting rally could be of the same size, just enough to.