Since November 25, the Bitcoin price has increased by slightly more than 13 percent. After trading in a range for a couple of days, it initiated a breakout and moved above its previous trading range.
Bitcoin Pattern Breakout
The Bitcoin price has been trading inside an inverse head and shoulders pattern since September 22. It broke out from it yesterday, and reached the minor resistance area at $7,650 before retracing. The next resistance area is found at $8,050.
Currently, the Bitcoin price is in the process of retesting the neckline. If the price moves upward the entire length of the pattern, it should reach the second resistance area.