Today’s Chart of the Day was shared on Twitter by JC Parets (@allstarcharts). It's a weekly candlestick chart of Bitcoin over the past five years. Remember Bitcoin Mania in 2017? The cryptocurrency surged more than 1,800% that year, from under $1,000 to a peak of about $19,000. JC points out that the 2.5 years since the peak can be viewed as consolidation within a primary uptrend. He adds that price is currently breaking out of a long-term base, signaling the start of a new leg higher. As of writing, Bitcoin is trading at $11,775. As long as price remains above that key $10,000 level, the risk is to the upside.
Chart of the Day - Friday, August 14th, 2020
August 14, 2020
