Bitcoin ($BTC) seems set for another bullish breakout as the market indicators back the momentum. BTC is moving above the symmetrical triangle pattern, backed by supportive market sentiment and technical indicators. Using Ichimoku Cloud’s support, Bitcoin has recorded a new all-time high today above $119,000.
BTC Spikes above Symmetrical Triangle Pattern
In line with the market statistics, Bitcoin ($BTC) is clearly spiking above the symmetrical Triangle pattern. Previously, it has been going through a consolidation phase since the 11th of July. This consolidation period took into account higher lows and lower highs.
Such a symmetrical triangle pattern is considered to be a classic indicator that usually takes place before a likely price breakout. Based on the exclusive hourly candle, Bitcoin ($BTC) has effectively closed above this declining trendline resistance in the triangle. Hence, following this development, Bitcoin is now changing hands a price level around $118,879.
The on-chain data reveals that this breakout parallels the entry of Bitcoin’s price into the Ichimoku Cloud’s upper boundary. Ichimoku Cloud is an indicator that often highlights a momentum shift from relatively neutral to significantly bullish. This indicator displays dynamic support within the $116,500-$117,000 range. This further fortifies the bullish outlook.
$120K Poses Psychological Resistance
The breakout points out that Bitcoin ($BTC) buyers are controlling the market, with the likelihood of pushing the price toward greater resistance regions in the short term. In this respect, instant upside targets take into account $119,500. Apart from that, the psychological resistance stands at $120,000. On the other hand, the $117,000 level plays the role of a significant support.
Amid the noteworthy breakout above the aforementioned symmetrical triangle pattern, traders need to be cautious. In this respect, the market onlookers advise them to keenly observe the price action during the next hours. Hence, if Bitcoin remains successful in maintain momentum above the respective triangle, this could signify the start of a massive bullish upswing.