The "three-line break" chart, which filters out noise and erratic price movements, suggests the broader bull run has begun.
Bitcoin price may be headed for a record-breaking rally to highs above $73,000, as indicated by a key technical chart.
The "three-line break" chart, which filters out noise and erratic price movements, suggests that Monday's breakout of a seven-month descending channel has set the stage for a bull run to new peaks.
Bitcoin price rose over 5% to $66,000 on Monday, registering its biggest single-day gain in seven weeks. However, the daily candlesticks chart shows a neutral outlook, with BTC remaining within a seven-month corrective descending channel.
But a lesser-tracked "three-line break" chart now suggests a bullish outlook favoring a move to record highs.
Bitcoin three-line break chart suggests bullish breakout
The three-line break chart, also known as a "Renko" or "brick" chart, might look like the candlesticks chart but it focuses on price movements and changes in trend, helping traders gauge the ongoing trend and potential trend reversals.
A bullish reversal, represented by a new lineup (green bar), happens when the price moves higher than the highest point of the last three red lines. A new red line (bearish reversal) occurs when the price moves below the lowest point for the previous three green lines.
A bullish continuation occurs when the price moves above the previous green line, confirming an extension of the already-established uptrend. That's precisely what happened on Monday, with the green bar cutting through the trendline off March and April highs, as seen below.
Bitcoin price three-line break chart
Two things traders should watch
While the breakout on the line break chart indicates the scope for a rally to new peaks, traders should be watchful of two things, the first being the candlestick chart, which shows bulls have consistently failed to secure a foothold above $70,000 since March. Prices could again encounter stiff resistance around that level.
The second thing to watch out for is bullish invalidation on the line break chart, represented by a new red bar taking prices back inside the channel. Failed breakouts often lead to deeper price slides as observed in late September.
The above is the detailed content of This Chart Indicates Bitcoin (BTC) May Be Headed for Record Highs Above $73K. For more information, please follow other related articles on the PHP Chinese website!

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