Crypto Daily – For many investors, the sideways price action for is both irritating and fear-promoting. A breakdown could be just as likely as a break up. However, a bullish chart pattern is developing that would more likely lead to a breakout to the upside.
Friday is here once more, and the dreaded Bitcoin options are expiring. In recent times this event has put the dampers on Bitcoin, as bullish longs traders have been chased down and their positions liquidated.
This time around, a notional value of $1.1 billion in Bitcoin options contracts is due to expire today. The max pain point, where most long and short traders would be liquidated, is at around $60,000. Therefore, a quick visit back to this level would not be surprising.
A very bullish pattern
Nevertheless, the above 4-hour chart is displaying a very bullish setup for the $BTC price. Most of the price fluctuations since early August have been contained inside what has developed into an ascending…
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