BTC: Price: $10,900 | MCAP: $195 billion | 24-Hr Volume: $16.49 billion
Short-term trend: Cautiously Bullish
Bitcoin rose above $10,800 confirming an upside break of a recent trading range of $10,400 to $10,800.
Usually, traders wait for confirmation of the breakout in the form of an hourly, 4-hour or sometimes a daily close above the upper edge of the trading range. Bitcoin, however, moves by $1,000 or more in a matter of just a few minutes. So, investors who wait for a confirmation on closing basis often miss the bus.
BTC will likely reach the target of $11,100, as the range breakout is backed by an uptick in buying volumes. Further, the daily chart is reporting bullish conditions – the cryptocurrency jumped 6 percent on Sept. 2, confirming an upside break of a descending triangle pattern.
BTC's range breakout indicates a continuation of the rally from the recent low of $9,360. A more reliable indicator of bullish revival would be a UTC close above the lower high of $10,956 created on Aug. 20.
A bullish close above $10,956, if confirmed, would open the doors to $12,000.
Short-term trend: Cautiously Bullish
Bitcoin rose above $10,800 confirming an upside break of a recent trading range of $10,400 to $10,800.
Usually, traders wait for confirmation of the breakout in the form of an hourly, 4-hour or sometimes a daily close above the upper edge of the trading range. Bitcoin, however, moves by $1,000 or more in a matter of just a few minutes. So, investors who wait for a confirmation on closing basis often miss the bus.
BTC will likely reach the target of $11,100, as the range breakout is backed by an uptick in buying volumes. Further, the daily chart is reporting bullish conditions – the cryptocurrency jumped 6 percent on Sept. 2, confirming an upside break of a descending triangle pattern.
BTC's range breakout indicates a continuation of the rally from the recent low of $9,360. A more reliable indicator of bullish revival would be a UTC close above the lower high of $10,956 created on Aug. 20.
A bullish close above $10,956, if confirmed, would open the doors to $12,000.
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