$BTC has moved past the 50-day average and the two-month descending trendline, confirming a bullish breakout on the daily chart. Reports godbole17.
Bitcoin has rallied nearly 10% this week, pushing through a trendline characterizing a two-month downtrend and the 50-day simple moving average of the price.
The so-called trendline breakout has now opened doors for the cryptocurrency to head toward $30,400, according to FxPro's senior market analyst Alex Kuptsikevich. "In terms of technical analysis, this is an important bullish signal as the price closed above its 50-day moving average and above previous local highs in a sharp move on Tuesday. The move confirms the breakdown of the downtrend that has been in place for the past two months," Kuptsikevich said in an email.
"The next target for the bulls is the area between the April and May highs at $29,400-$30,400," Kuptsikevich added.
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