BTC/USD breaks out of bull flag
Despite that strong US jobs report on Friday, we are seeing renewed weakness in the dollar and bond yields. With the Fed's next meeting still 1.5 months away, traders are easing on their long dollar positions as things could still change dramatically by mid-September. As a result, gold, silver, comdolls, pound, euro, bitcoin, ether, et. all., are breaking higher. In effect, speculators are still betting that the Fed will slow down the pace of the hikes later this year - possibly as soo as that September meeting - and potentially go in reverse in 2023.
After breaking out of its bearish channel following a lengthy consolidation period, Bitcoin 's technical outlook has turned positive.
In more recent days, it was consolidating inside a bull flag continuation pattern.
Today, it has broken out of that consolidation pattern to the upside and this has led to some technical follow-up gains.
From here, it looks like BTC will test liquidity above the most recent high at $24,676.00, possibly reaching the
25K handle, before deciding on its next move. I wouldn't rule out a revisit of the 30K handle from here.
By Fawad Razaqzada on behalf of FOREX.com
After breaking out of its bearish channel following a lengthy consolidation period, Bitcoin 's technical outlook has turned positive.
In more recent days, it was consolidating inside a bull flag continuation pattern.
Today, it has broken out of that consolidation pattern to the upside and this has led to some technical follow-up gains.
From here, it looks like BTC will test liquidity above the most recent high at $24,676.00, possibly reaching the
25K handle, before deciding on its next move. I wouldn't rule out a revisit of the 30K handle from here.By Fawad Razaqzada on behalf of FOREX.com
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