Bitcoin Price Leaps Resistance Hurdle in Weekend Breakout

View Solid gains over the weekend saw bitcoin's price rise $200/4.

The hourly chart for bitcoin is printing an ascending triangle, signalling a continuation in price action.

The longer-term outlook remains bullish for bitcoin as long as prices stay above the prior daily candle close at $5,193.

Bitcoin's breakout from $5,050 resistance has defied overbought indicators and set a new target of around $5,550 for the bulls.

Bitcoin rose 4.89 percent during the weekend period beginning April 6, a move that added another $233 to its price tag.

At press time, the cryptocurrency is changing hands at around $5,248 according to CoinDesk's Bitcoin Price Index.

The daily chart shows a bullish market structure began to take shape on Dec. 16, 2018, with a series of significant higher lows and now - thanks to the April 2 breakout from the ascending triangle - a significant higher high above the 200-daily moving average.

The daily RSI continues to post overbought conditions, but investors are unlikely to pay much heed for fear of missing out on bitcoin's next potential jump to $5,557 weekly resistance.

If BTC can maintain a close above $5,200, that would add considerable weight for a continuation in bitcoin's price.

Bitcoin image via Shutterstock; charts via Tradingview.