For bitcoin (BTC), the path of least resistance is to the upside, according to technical charts. At press time, the leading cryptocurrency is changing hands at $6,430 on Bitfinex – up 9 percent from the Aug. 14 low of $5,859. However, BTC has failed three times in the last 72 hours to hold on to gains above $6,500, with the latest attempt to scale the psychological level failing a couple of minutes before press time. This may force investors to question the sustainability of the recent rally. But such concerns may be unfounded, as the bullish bias has only strengthened in the last 24 hours, as seen in the technical charts below. As a result, BTC could rise toward $7,000 (psychological resistance) over the weekend. 4-hour chart: Bull breakout confirmed BTC scaled the channel resistance (top end) earlier today, confirming a bullish breakout, that is, the sell-off from the July
Like this article? Take a second to support us on Patreon!