On Monday, bitcoin hit a new record high. The price broke through the resistance at 41,980.24. If it settles firmly above this level, the uptrend will continue.

Notably, the price has broken above the triangle pattern as we expected earlier. The pattern was formed by the lows of 27,794.47 from January 4 and 28,776.00 from January 22, while its resistance located at the highs of 41, 977.58 from January 8 and 38, 610.88 from January 29.

The upper boundary of the pattern has been tested several times. Even after its breakout, the crypto bulls could not regain ground straight away. The breakthrough of this pattern turned out to be rather well-performed from the technical point of view. After a breakout, the mirror level of 37,410.27 was confirmed by a pullback when crossing the resistance of the pattern.

The main question is what the next upside targets for the cryptocurrency are. The testing of the triangle suggests that further upside potential after a breakout will be equal to the width of the pattern. If so, BTC/USD may well reach $50,000 per token. However, it is still not clear how long the uptrend will last and how many pullbacks it will have.

Moreover, we need to confirm support at the 41,980.24 level to make sure it was not a false breakout.

analytics60213b7d4bd42.jpg

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.