The leading cryptocurrency by market value rose over 5% to $66,000, registering its biggest single-day gain since Aug. 23, according to CoinDesk Indices data. This positive momentum showcases the potential for BTC to break free from its current downtrend and targets a bullish outlook.
However, the three-line break chart shows that the breakout of the prolonged descending channel happened on Monday, signaling that the broader uptrend from October 2023 lows near $30,000 has resumed.
The three-line break chart might look like the candlesticks chart but focuses on price movements and changes in trend while ignoring time, which helps filter out erratic price movements.
A Japanese trader described the three-line break chart as a more subtle form of point and figure charts where reversals are decided by the market, indicating its responsiveness and adaptability.
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