Today, bitcoin has broken above the mirror level of 34,708.27. This is a key technical benchmark. At the time of writing, the price pulled back to the downside and stopped at this horizontal line.
If today’s breakout is a real one and the level of 34,708.27 is confirmed as support, BTC/USD is likely to grow further.
As a rule, quotes are moving from one strong level to another. Let’s determine the main targets on the four-hour chart since it is the most informative chart from the technical viewpoint.
1. If BTC/USD finds support at the level of 34,708.27, its nearest upward target will be the local level of 35,860.55.
2. If the price breaks through this level, it may then head for the next upside target at 37,351.03. Perhaps the level of 35,860.55 will be first confirmed as the support level after the price rebounds on a breakout.
3. Near the level of 37,351.03, we can probably see where the price will settle relative to the upper boundary of the triangle.
4. Breaking through the highs from January 29 and consolidating above these levels will signal a true exit from the triangle to the upside.
There is also another scenario possible. Today’s breakout of the resistance at 34,708.27 may turn out to be a false one. At the moment, there is not enough information on the chart to rule out this option. However, in case of a false breakout, BTC/USD may return below the level of 34,708.27 and extend its decline to the lows from February 1.
The material has been provided by InstaForex Company – www.instaforex.com
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