Bitcoin Breakout: Through $13,000

Posted Wednesday, July 10, 2019 by
Rowan Crosby • 2 min read

At the moment, it feels like I am writing the same article every single day as Bitcoin just continues to keep on breaking through key levels as the bull run just goes on.

So far BTC has done absolutely everything the bulls have asked of it since tagging the highs of $14,000.

  • Firstly price pulled back but it held $10,000
  • It made a higher low at $11,000 and again held
  • Price consolidated in a tight range – triangle formation
  • It then broke out through the triangle and took out both $12,000 and $12,500
  • In doing, so it broke the run of lower highs

Now the door is open for a push back into the $14,000 region, given that price has taken out $13,000 and is looking bullish.

Fundamentally speaking, there are a few more reasons to back the bull case. Mining difficulty, the measure of how hard it is to compete for mining rewards is back at highs and suggesting there is fierce competition right now as miners try to cash in on rising prices. This is of course ahead of the halving event which will cut those rewards in half effectively.

Ethereum, Ripple’s XRP, and litecoin have been riding on the back of the strength in Bitcoin and are also moving strongly in recent weeks, but it is the industry leader that is so far taking most of the attention.

Technically speaking, we are all now watching to see if $13,000 holds today. I fully expect a test of the highs, but we always need to manage risk accordingly. If you recall the $12,500 was really the bigger level recently as it was the swing high (or bounce point) on the way down.

There really looks to me like very little by way of resistance all the way up to $14,000, so if price holds this current level, we are all set for a test in the coming sessions.

Bottom Line: We are bullish until there is a reason to think otherwise. For the time being, this is a technical trade based on holding clear levels.

BTC – 240min.
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