$BTC Bitcoin Waking Up and Breaking Out

Bitcoin Chart

Bitcoin Rising from the Ashes

Since the peak in late 2017, Bitcoin has seen an epic collapse and a significant shift in sentiment. The price chart as been stuck in a descending triangle for the last 15 months, unable to breach the downward trendline – until today. It’s early, and we could see a retest of the trendline before any significant momentum higher, but in the near term I would set $5200 as a likely price target and initial area of resistance.

About the author

I am the founder of fibonacci.com and an avid trader. I am also the co-founder of Texas Precious Metals, a top US precious metals company. In 2006 I was a contestant on The Apprentice with future president, Donald Trump. I live in Texas with my wife and five children, where I spend my time dodging snakes, changing diapers, and charting.

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