Bitcoin saw a notable breakout today after being caught within a prolonged bout of sideways trading over the past several days and weeks, with today\u2019s upwards movement bolstering the cryptocurrency\u2019s market structure.<\/p>\n
One prominent trader is now that he believes that the cryptocurrency is bound to see further upside due to it breaking above the upper boundary of a descending channel, although it is imperative that bulls continue pushing it higher in order to confirm this possibility.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 4% at its current price of $9,100, which marks a notable climb from daily lows of $8,700 that were set yesterday while BTC found itself caught within an incredibly tight trading range.<\/p>\n Today\u2019s upwards movement marked a break above the heavy resistance that was previously suppressing its price action, which does seem to suggest that the crypto could soon see some further upside.<\/p>\n It is also important to keep in mind that this rally also marked a break above the upper boundary of a descending channel that the crypto had been caught within for a few days, which could also provide it with some near-term bullishness.<\/p>\n Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is looking to long each of BTC\u2019s upcoming dips<\/a> due to the bullish break above this aforementioned descending channel.<\/p>\n \u201cBTC – Price formed down channel – Broke upwards has pattern has bull bias – Reached 9150, previous support now resistance – Closed position – Shorting it? nah. Would much rather long a correction\/retrace\/pullback,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/TeddyCleps\/status\/1235587835069161478<\/p>\n The key level that analysts are now watching in the aftermath of Bitcoin\u2019s recent rally is $9,500, as its reaction to the resistance that exists at this level could provide significant insight into where it will trend next.<\/p>\n Cold Blooded Shiller \u2013 another prominent crypto trader on Twitter \u2013 spoke about this level in a recent tweet, noting that everything he sees seems to confirm that this is the key level bulls need to target.<\/p>\n \u201cI think they’ll be a tendency to short $BTC early, everything I can see points to $9.5k being the true test point. Early entries could help fuel the run. Any failure to hold the 8925 breakout would just signal the end here for me. Hold that and I think we continue the grind,\u201d he noted.<\/p><\/blockquote>\n I think they'll be a tendency to short $BTC<\/a> early, everything I can see points to $9.5k being the true test point. Early entries could help fuel the run. <\/p>\n Any failure to hold the 8925 breakout would just signal the end here for me.<\/p>\n Hold that and I think we continue the grind. pic.twitter.com\/xzXlIxM03s<\/a><\/p>\n — Cold Blooded Shiller (@ColdBloodShill) March 5, 2020<\/a><\/p><\/blockquote>\n\n