Just a few hours ago, Bitcoin broke out of the symmetrical triangle pattern we had on the chart, surging past the $4260 resistance.
If BTC can set a new higher low above the previous resistance, we could see more potentially upside for Bitcoin. MACD buy signal was initiated with a strong cross over, but RSI on the hourly chart is reaching the overbought zone.
If we zoom out to the 4 hours time frame, we can see a double bottom at $4146, but we also see a potential head and shoulders pattern forming. This could very well just be consolidation occurring before we make another leg up.
Bitcoin has struggled to get back to the all time highs of $5000, but has done surprisingly well with all the FUD going around these last few weeks, and has held steady above $4,000 since the end of September. With the upcoming fork into Bitcoin Gold, I can only imagine a huge surge in demand and price will occur as the November hardfork approaches.
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