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