Bitcoin price finally broke out of a ten day consolidation above $3,500 this morning, having held the 38.2% retracement level for the majority of last week. We take a look at what this means going into the week.
Bitcoin Price: Weekly Chart
The weekly Bitcoin price 00 chart shows that bitcoin bulls defended previous resistance of $3536, turning it into support and never needed to rely upon the 200-week MA, which is rising quickly towards key support levels in the previous two weeks.
Despite the weekly candle closing down at $3625, the bulls pushed hard into the early hours of Monday morning, reaching local highs of $3727 at the time of writing.
The daily chart reveals a clearer picture as to what lies ahead for Bitcoin price. A close above $3,700 today would mean that BTC/USD has successfully broken significant…