Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The breakout happened Thursday and how. Bitcoin jumped over 3%, the most in nine days, to the highest since July 31 with a wider trading range than Tuesday, according to charting platform TradingView.
In other words, the cryptocurrency formed a bullish"outside day" pattern, signaling an end of the recent consolidation below $65,000 and a resumption of the rally from lows under $53,000., expect the breakout to be in the same direction as the inbound price trend," investor and technical analysis expert Thomas N. Bulkowski wrote in his book"Encyclopedia of Chart Patterns.
Bitcoin has gained almost 1% so far on Friday, close to $66,000, validating the bullish breakout. The positive bias would be invalidated if prices fell below Thursday's low of $62,805.While bitcoin is still stuck in a broad descending channel, the cumulative market capitalization of alternative cryptocurrencies , or tokens other than market leaders bitcoin and ether, has broken out of a six-month corrective trend.
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