View Bitcoin gained 7.8 percent on Friday, confirming a falling wedge breakout on the daily chart.
The bearish-to-bullish trend change was backed by a jump in trading volumes to levels last seen in mid-November.
Bitcoin saw a high-volume bullish move Friday that may have opened the doors for a rally above $3,800.
The rally to three-week highs confirmed an upside break of the falling wedge - a bullish reversal pattern carved out in the last five weeks.
The rise represents the first time volume has passed $7 billion since Dec. 24 and the highest reading in nearly three months.
Further, the three-day average of 24-hour trading volumes has jumped well above $6 billion for the first time since Dec. 25.
The bullish breakout looks to have legs and prices could soon crack the 50-day moving average, which has has been serving as a strong resistance since Friday.
BTC's jump to highs above $3,700 confirmed a falling wedge breakout, but failed to close above the 50-day MA, as per the daily chart.
A convincing break above the 50-candle MA on the 6-hour chart also supports the bullish reversal seen on the daily chart.
Bitcoin image via CoinDesk archives; charts by Trading View.
Bitcoin Eyes $3.8K After High-Volume Price Breakout
Published on Feb 11, 2019
by Coindesk | Published on Coinage
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