BTC-7-24-18-300x166 Bitcoin – Thrust Bar Breaks Through Resistance

We covered the thrust bar a few weeks ago. Now we are seeing this pattern in Bitcoin. The theory behind the thrust bar, particularly when the bar is moving to the upside, is that it takes a lot for buyers to jump in and move price upwards.

It may be easier for sellers to dump their holdings, as fear and panic may be easier to succumb to (an assumption based on a theory of cognitive biases), but it isn’t as easy to get buyers to jump in, particularly when a given market like Bitcoin has been pummeled.

That said, there is a thrust bar that breaks BTC out of its consolidation. And as is typical of the pattern, there was a brief halt prior to further upside moves. At this price, there may be a technical correction, and that has everything to do with fundamental conditions (not technical ones). The RSI is currently showing the price to be “overbought.”  So, whatever you decide to do, if anything, just do it for the right reasons.


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