Bitcoin: Two BIG Breakouts...$80K Next?

14 kwi 2021

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BTC Statistics:

• Market Capitalization: 1.18T
• CryptoAsset Rank: #1
  
• 24-Hour Return: +5%
  
• 7-Day Return: +8.25%
  
• From All-Time High: -1%
  

Technical Setup:

• After roughly 6 weeks of trending sideways in what many were calling a symmetrical triangle, BTC finally broke to the upside over the past 24-hours and could be headed higher in the forthcoming days.
  
• The breakout coincides with BTC's annualized volatility hitting a 19-week low and the Bollinger bands contracting to their tightest range since October 2020.
  
• As such, with BTC sitting at an all-time high and volatility at a near 5-month low, it's hard to not be bullish.
  
• Note that BTC's price didn't only breakout, but so did its 14D RSI. As shown in the chart provided above, the index finally pushed through a massive downtrending resistance line dating back to the start of the year. What this suggests is that new bullish momentum may be building.
  
• Assuming the bulls can keep pushing forward, a move up to roughly $80,000 would be aligned with the test of a multi-month uptrending line of resistance that BTC already tested in January, February, and March.
  
• A move up to 80K equates to an incremental +27% gain from current price.