Bitcoin Broke the Descending Channel

The price action on bitcoin turned favorable this past week as we saw the breakout higher that was hoped for.

About a week ago I posted about the price testing the top end of the descending channel it had been in since putting in the all time high price.

Looking at the chart below we can see the breakout, though a bit subdued as it exited the channel, buyer stepped in with an increase in volume to pump price back above 90 k and into the prior high range.

What's next?

Well, now we look to see if price can establish itself back in this new range by holding above 92k....its already a few days in so that is a positive development.

I'll feel move confident after that overbought condition on Stochastics RSI indicator is worked off.

Posted Using INLEO