Did ₿itcoin Breakout?
In trading last night we had Bitcoin futures dip below our support line that formed the bottom of a compression triangle only to re-enter the triangle and has since attempted many times at breaking to the up-side. On a four hour chart which is the first chart in our gallery, we see the continued struggle for the upper trend line in which the last four candles traded above but were un-able to close above this level.
We could call this a false breakout or we could simply view this as evidence that the path of least resistance is sideways. On a daily Heikin-Ashi or Japanese average chart we have a very long legged doji candle after three days of lower opening and closing candles with no upper wick. This was the first appearance of a doji since we reversed out of a bullish trend following a doji on April 9th could be signaling a pivot point, but most likely is a reflection of the indecision in the market due to the extremely long upper and lower wicks.