The break above minor resistance in Bitcoin and Ethereum has reduced some of the immediate downside risks. Can cryptocurrencies sustain gains? What is the outlook and what are the key levels to watch?
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BTC/USD is now testing a key ceiling at the end-August high of 28150, coinciding with the 200-day moving average. A decisive break above could clear the path toward the July high of 31800, which could be a defining moment for Bitcoin. Any break above would not only trigger a double bottom but would reinforce the bullish medium-term trajectory, first highlighted earlier this year – see “The potential price objective of the double bottom pattern works out to around 39000.
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