Introducing our first video price analysis by Bitcoin Schmitcoin.
Summary:
- Bitcoin broke out of a massive consolidation pattern known as an “Adam and Eve” double bottom. The breakout was fueled by short liquidations that stacked up around the $4,000 level over the last 4–5 months.
- The measured move for the breakout has us testing several resistance levels and ultimately has a price target of around $5,300.
- We have managed to break the immediate bearish market structure and are attempting to break the macro bearish market structure. At the moment we are testing a break of the descending trendline as we also approach the monthly resistance level in the $4,800s.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.
