Bitcoin May Reach $3800 Mark After High-Volume Price Breakout

Bitcoin May Reach $3800 Mark After High-Volume Price Breakout Bitcoin May Reach $3800 Mark After High-Volume Price Breakout
By Trevin Casinader - February 11, 2019

BTC

Bitcoin (BTC) gained 7.8% on the 8th of February, comfirming a falling wedge breakout on the daily chart. The bearish to bullish trend change was backed by a jump in trading volumes last November.

Prices could soon cross the 50-day moving average resistance at $3642 and test resistance levels lined up at $3800 and $4000 in the next few days.

A breakout below the 29th January low of $3322 would invalidate the bullish setup. That looks unlikely, however, as the high-volume wedge breakout has confirmed bearish exhaustion signaled by falling volumes on the weekly chart.