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Bitcoin breaking out of the triangle on the 1h timeframe... will it actually hold?!

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jrcornel
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last yearSteemit

Bitcoin breaking out on the weekend when stock markets are sleeping, can it hold the move?!

Bitcoin weekend moves tend to be less reliable than moves on other days, especially over the last couple years as bitcoin has become increasingly correlated with US stock markets.

Specifically the Nasdaq Index.

Bitcoin tends to make a low volume move on the weekend only to get whipped around violently on Monday morning when stocks open.

It's happened time and time again...

Will this time be different?

Currently bitcoin is breaking out a triangle consolidation pattern to the upside:

image.png

(Source: https://twitter.com/rovercrc/status/1599420652351414275/photo/1)

If stocks gap up tomorrow and hold, perhaps this move also holds for bitcoin... but if they don't, bitcoin probably drops, it basically tends to follow whatever they do...

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