The price bitcoin is breaking above a topside trendline on the hourly chart (see red numbered circles),and is testing the high price from November 5 at $35,330. The high price just reached $35,337. Move above that level and opens the door for further upside momentum.
Close risk is now the broken trendline at $35,120.
The move to the upside is also breaking away from its 100 and 200 hour moving averages (blue and green lines on the chart above). Admittedly the price has been trading above and below those moving averages over the last few weeks as the market consolidates the gains from the run up on October 23.
This article was written by Greg Michalowski at www.forexlive.com. Source