Bitcoin Finally Went Nuts To The Upside... (Video)

We had been waiting for this move for a while and yesterday it finally happened. Bitcoin clearly broke out from its bull flag and rose 7% for the day. Here is the daily chart:

Comment: Yesterday I was a little bit worried about the bearish looking pennant formation (on the hourly chart) but fortunately we were able break out to the upside this time, so good news for Bitcoin and the alts as well.

Yesterday, we smashed through the 0.618 fib level and earlier today we almost touched the 0.5 fib level so it is a possibility that we will take a breather here for a couple of days. But we will just have to wait and see what happens on Saturday. What needs to happen is a daily close above the old peak at 9175 from about a month ago and we are currently at 8760.

Otherwise, the crypto market does look very bullish in the short term which is of course encouraging. Lets hope that this week will end on a good note on Sunday.

Happy trading/investing!