Why bitcoin is on the verge of a breakout: In one chart

This year has been a strong period for bitcoin bulls, as the price of the digital currency has climbed to levels not seen in more than two years.

Now, a technical trading pattern commonly used by equity analysts has emerged on the digital currency’s chart—and it suggests that prices are poised to shoot even higher.

The pattern, known as a pennant, or flag, can be seen in the below chart as a converging triangle, which was initially published on Sober Look:

Sober Look

A so-called pennant formation suggests that a long-term trend in the price of a given asset is about to

Read more ... source: TheBitcoinNews