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24 Hour Update: Bitcoin Move Realized

Resistance Broken

We hit our price target less than 24 hours after the breakout from $144.  The ascending triangle continuously proves to be one of the most reliable patterns in bitcoin. This pattern frequently occurs as traders notice strong resistance at a price level and sell in hopes of re-adding the position at any pull-backs. As people become less confident in these pull-backs the dips become increasingly shallow. This is usually a continuation pattern meaning that the market will continue the trend it was in when the pattern started.

When we finally broke through the resistance at $144, people that had been selling their position must then re-purchase bitcions in order to take advantage of the next leg upward.  This can create very violent moves as we just observed.  We would expect $144 to provide strong support on any large pull-backs going forward, and see it as a very negative short-term sign if this support is broken.

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