High Bitcoin hash rates are forcing the currency to break out of the wedge it’s been in for a few weeks.
A bearish move is unlikely unless the dollar gains strength that the currency cannot challenge. As there are no news items to drive the market till tomorrow that is unlikely, at least in the short time.
Bitcoin Bears worried.
Anyone bearish on BTCUSD should consider there position carefully as after consolidation we may be looking for a further bullish rally of the pair.
If you are bearish on the pair I would imagine stopping out soon.
The hourly chart shows the strength of the move going into a daily uptrend.
Chart courtesy of StrobotUltimate trading system.
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