Bitcoin confirms breakout and altcoins explode higher

Bitcoin confirms breakout and altcoins explode higher

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Bitcoin has confirmed the breakout on Monday with a retest, and is now climbing higher on Wednesday. Some altcoins have also exploded to the upside.

Crypto will not be muzzled

As the likes of SEC chairman Gary Gensler, and US Senator Warren try their very best to quell, dampen, and destroy any crypto companies and take away the voice of anyone looking to support them, the crypto industry just continues to innovate and promote the principles of freedom.

Bitcoin is one of the biggest sources of freedom for those who believe in the crypto revolution. It provides a way for people to actually save their wealth rather than see it destroyed by central banks printing more money, leading to inflation and a debasement of fiat currencies.

$BTC upward trend still respected

Bitcoin has signalled over the last three days that it is not going to break its upward trend, and instead, it is going to respect it and attempt new local highs.

Source: Trading View

As seen in the daily chart, bitcoin tested the resolve of some as it sank below the trend line in force since mid-October. This was possibly a short squeeze, given that the price pushed back above and broke out later on the same day.

Tuesday’s red candle tested the breakout, and Wednesday’s green candle is taking $BTC higher. 

A bullish ascending triangle

Source: Trading View

Redrawing the chart on the same time frame, $BTC is forming a bullish ascending triangle. The price might now be expected to reach the top of this triangle before breaking out to new local highs. That said, a confirmed break below the bottom trend line would negate the triangle at the same time as breaking the two-month upward trend. Traders beware in this kind of scenario.

Altcoins outperform

As bitcoin continues to do its thing, the rest of the altcoin market is following the king’s lead, with some alts having a spectacular Wednesday up to now. Stacks (STX) the layer 2 on bitcoin is up 20% on the day so far, and Injective Protocol (INJ) is also exploding higher, up 18% thus far. That being said, most altcoins are also outperforming bitcoin right now. The next couple of weeks are going to be extremely interesting for the entire market with the Spot Bitcoin ETF coming closer to what should be a positive announcement.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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