Bitcoin ( BTC ) has flexed overnight, converting what had been a feeble surge into a solid break above some key technical levels. A push to the regional top of at least $9,000 now seems likely.
Starting on the 4-hour chart, we see that after some considerable chop yesterday – including a full fakeout to the upside – Bitcoin has managed to clear the local structure top and trendline.
We can also see that, not only has the RSI cleared its trendline top, but it has also cleared every recent high going back to mid-March. It should be much easier to hold the blue band of support now, which has flipped from resistance.
On the daily, we see a similar performance with price likewise broken above a more important, but confluent resistance zone and flipped it support. The 8 EMA should cross bullish today and Bitcoin should easily hold the 21 EMA.
The histogram here is progressing in its bullish EMA contraction, although there is not (yet) much acceleration in its profile.
What this all means is that Bitcoin has a clear runway to the regional top. If we look below on the 3-day chart, we see that a double bottom scenario is becoming less likely as Bitcoin continues to clear important resistance levels.
The most plausible HTF structure here is a sideways consolidation based on multi-year trendlines. The top of that structure starts at roughly $9,000, and this is the most obvious sell target for a Bitcoin MTF/LTF uptrend.
The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
Featured Image Credit: Photo via Pixabay.com