BTC DAILY BREAKING OUT??
2024-10-16

After 7.5 months of what what amounts to a HTF bullflag pattern, seemingly endless chop, bitcoin looks like it's finally breaking out above and continuing the Bullrun.

This post doesn't need to be overly complicated, there are a few key factors on what is happening:

- Bullish continuation, a bull flag pattern is just that, after a strong rally the corrective structure looks exactly like how the chart looks before continuing the next stage of the rally. Bitcoin has hit the red zone 9 times before the current breakout move, now that the daily structure has shown repetitive higher highs and higher lows for the first time it's signalled that Bitcoin is ready to continue the move higher. 

- US elections, every election year since 1928 traditional markets experience a rally, this year is no exception with the $S&P500,  SKILLING:US100  &  TVC:DJI  all at ALL TIME HIGHS. As much as we crypto traders want crypto to be separate from Tradfi, reality is these markets matter and effect Bitcoin directly. 

'21 ATH has been major resistance all year for bitcoin, I could see that being the target for this breakout (should it be a successful breakout) before a retest of trend channel at $66,500 on the daily.

All in all this is an exciting time in crypto, lots of volatility ahead come US election and beyond. 

Good luck everyone!

