Bitcoin Resistance Rises to $8,460 After Unconvincing Breakout

Bitcoin saw small gains last night, but the weak move did little to further the bull case.

The target resistance level to beat yesterday was $8,285.

A high volume close above that mark would have signaled a long-term bullish trend reversal.

The daily chart below shows bitcoin closed yesterday at $8,273 on Bitfinex, meaning the breakout remained elusive.

A new 24-hour candle opened above the descending trendline support, creating a false picture of a bullish breakout.

While it appears as though the bull breakout has happened, the move is more of a sideways breach of the long-term trendline hurdle.

The major level to watch out for on the high side is now $8,460.

A convincing move above that level would establish higher highs and higher lows pattern and would likely confirm a longer-term bull reversal.

The risks of a pullback are still high, given the unconvincing breakout.

A failure to hold above the descending trendline support of $8,230 could yield a drop to $7,823.