Earlier this week, analysts at the Bitfinex crypto exchange said August's $65,200 high is the level to beat for bitcoin (BTC) bulls.
The breakout happened Thursday and how. Bitcoin jumped over 3%, the most in nine days, to the highest since July 31 with a wider trading range than Tuesday, according to charting platform TradingView.
The outside day can form midway in a price trend, just like flags and pennants. Since outside days act as continuation patterns, expect the breakout to be in the same direction as the inbound price trend, investor and technical analysis expert Thomas N. Bulkowski wrote.
While bitcoin is still stuck in a broad descending channel, the cumulative market capitalization of alternative cryptocurrencies (altcoins), or tokens other than market leaders bitcoin and ether, has broken out of a six-month corrective trend.
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