RATE Group | Bitcoin Price Update: Breakout Imminent as Price Looks to Move Beyond Descending Triangl…
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Bitcoin Price Update: Breakout Imminent as Price Looks to Move Beyond Descending Triangl…

08 Oct Bitcoin Price Update: Breakout Imminent as Price Looks to Move Beyond Descending Triangl…

Posted at 18:49h in Bitcoin News by

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Bitcoin looks set for an imminent price breakout. The price action chart for the top-ranked cryptocurrency shows a classic breakout pattern which could potentially signal an end to the sideways trading of the last two months.

Many Signs Pointing to a Bitcoin Breakout

Looking at the price chart above, Bitcoin seems sure to break the descending triangle which usually means a breakout is imminent. Since rallying to $8,400 in late July, the top-ranked cryptocurrency has traded in tight ranges.

During this period, BTC has set successive lower monthly highs and higher monthly lows. Such is the extent of the volatility contraction that BTC is now at its lowest price volatility level in 17 months.

In a tweet posted on Monday (October 8, 2018), Mati Greenspan of eToro offered some expert insight on the current BTC price action, saying:

This is a classic breakout pattern. As you can see the range (defined by the yellow lines) is getting narrower and has reached the tip. The price will now…

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