FX.co ★ What is our next Bitcoin target?

Bitcoin has reached our triangle breakout target of $11,000 and is staying above it making new higher highs. Trend remains bullish after the breakout and we see $13,000 as the next potential stop for the popular cryptocurrency.

Black lines - triangle pattern

Blue rectangle- triangle breakout bullish target

Green rectangle- triangle breakout bearish target

Green lines - equal size upward move

BTCUSD is making higher highs and higher lows. In a previous analysis we noted the importance of resistance at the $9,500 price level and that a break above it will open the way for a move towards $11,000. Now price has surpassed this target and our next target would equal the first upward move from around $5,000 to $9,800. This brings price near $13,000. We remain bullish as long as price is above $11,150.