Yesterday I posted about BTC and what we could see in the upcoming days. Today it looks as if we have broken out of the downward channel which means we should see a significant impulse move upward. Looking at the 2 hour chart, you can see the downward move that we were in and the possible upside we are looking for in the coming weeks. I see that we will have this upside potential because it looks as if it is creating a running or expanding flat pattern. So expect to see an impulse move back up to the upper trend line or break that line before making another downward move that could make a new low below that $5871 level.
Looking at a 15 minute chart shows a better picture of the possible breakout. Now in the past we have seen a breakout and then reversal of the trend so wait for a buy set up or set your stops appropriately just in case BTC does make another unexpected move downward.