{"id":13566,"date":"2022-10-04T05:00:59","date_gmt":"2022-10-04T09:00:59","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=13566"},"modified":"2022-10-04T06:35:50","modified_gmt":"2022-10-04T10:35:50","slug":"bitcoin-breakout","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/bitcoin-breakout\/","title":{"rendered":"Bitcoin Breakout Alert: Don&#8217;t Miss the $BTC Rally"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/morpheustrading.com\/~rick\/charts\/2021\/bitcoin-breakout.jpg\" alt=\"$BTC daily\" width=\"599\" height=\"599\" title=\"\"><\/figure>\n<\/div>\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">TABLE OF CONTENTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-breakout\/#After_months_of_range-bound_trading_Bitcoin_BTC_is_now_setting_up_for_a_huge_breakout_above_key_resistance_Heres_how_to_profit_from_this_hot_crypto_swing_trade_setup_now%E2%80%A6\" >After months of range-bound trading, Bitcoin ($BTC) is now setting up for a huge breakout above key resistance. Here&#8217;s how to profit from this hot crypto swing trade setup now&#8230;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-breakout\/#Why_Bitcoin_is_set_up_for_a_massive_breakout_now\" >Why Bitcoin is set up for a massive breakout now:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-breakout\/#Dont_jump_the_gun\" >Don&#8217;t jump the gun<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-breakout\/#Flight_to_the_new_%E2%80%9Csafety%E2%80%9D_of_Bitcoin\" >Flight to the new &#8220;safety&#8221; of Bitcoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/morpheustrading.com\/blog\/bitcoin-breakout\/#Opportunity_awaits\" >Opportunity awaits<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"After_months_of_range-bound_trading_Bitcoin_BTC_is_now_setting_up_for_a_huge_breakout_above_key_resistance_Heres_how_to_profit_from_this_hot_crypto_swing_trade_setup_now%E2%80%A6\"><\/span>After months of range-bound trading, Bitcoin ($BTC) is now setting up for a huge breakout above key resistance. Here&#8217;s how to profit from this hot crypto swing trade setup now&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After correcting 74% from last year&#8217;s high of 69,000, Bitcoin ($BTC) found a bottom in mid-June 2022.<\/p>\n\n\n\n<p>Since then, the King of Crypto has been oscillating in a sideways range between 18,500 and 25,000. <\/p>\n\n\n\n<p>However, the long-term weekly chart indicates that <strong>Bitcoin is now revving up for a massive upside breakout.<\/strong><\/p>\n\n\n\n<p>The weekly chart of $BTC below shows why it may soon be<strong> <\/strong><em>time to jump back into Bitcoin:<\/em><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/morpheustrading.com\/~rick\/charts\/2021\/BTC100422.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/morpheustrading.com\/~rick\/charts\/2021\/BTC100422.png\" alt=\"$BTC daily\" class=\"wp-image-13284\" width=\"710\" height=\"356\" title=\"\"><\/a><figcaption><em>Press chart to enlarge<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Bitcoin_is_set_up_for_a_massive_breakout_now\"><\/span>Why Bitcoin is set up for a massive breakout now:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li> <strong>Accumulation volume &#8211; <\/strong>Above, notice that $BTC just had its<em> largest volume week in trading history.<\/em> This is a sign of stealth institutional accumulation, which often occurs near key lows of support. Such volume spikes often precede large moves higher (after the &#8220;big boys&#8221; are done loading up).<\/li><li><strong>Triple bottom support &#8211; <\/strong>Firm support has been established around the 18,000-18,500 area over the past few months. Daily chart shows the formation of a triple bottom pattern.<\/li><li><strong>Relative strength &#8211; <\/strong>$BTC has held in a sideways range, while the major stock indices have been making new lows. Bitcoin&#8217;s increasing relative strength to the stock market means that $BTC may explode higher when stocks eventually start bouncing (which began on October 3).<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dont_jump_the_gun\"><\/span>Don&#8217;t jump the gun<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As always, it&#8217;s important to wait for a proper entry trigger price before buying.<\/p>\n\n\n\n<p>Specifically, Bitcoin must convincingly break out above its downtrend line <em>on higher volume<\/em>.<\/p>\n\n\n\n<p>However, $BTC is also still trading below its 50-day moving average&#8212;an important &#8220;line in the sand&#8221; indicator of intermediate-term trend.<\/p>\n\n\n\n<p>As such, we also need to see $BTC break out above its 50-day MA before entry.<\/p>\n\n\n\n<p>The good news is the 50-day MA neatly converges with the downtrend line (around the 20,200 level).<\/p>\n\n\n\n<p>The daily chart time frame below shows the <strong>proper buy trigger, as well as an ideal stop price<\/strong> to protect against a failed breakout:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/morpheustrading.com\/~rick\/charts\/2021\/BTC2100422.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/morpheustrading.com\/~rick\/charts\/2021\/BTC2100422.png\" alt=\"$BTC daily\" class=\"wp-image-13284\" width=\"710\" height=\"356\" title=\"\"><\/a><figcaption><em>Press chart to enlarge<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p>As annotated on the first chart, our profit target area is resistance around the 29,000 level.<\/p>\n\n\n\n<p>With a buy trigger above 20,200, that&#8217;s a<strong> profit target of more than +40%.<\/strong><\/p>\n\n\n\n<p>This swing trade setup carries a <strong>highly positive risk-reward ratio of 1:4<\/strong>, as we are risking (less than) 10% for a potential profit target of roughly 40%.<\/p>\n\n\n\n<p>Sign up for <em><strong><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Crypto PRO<\/a><\/strong><\/em> now to receive immediate access to our exact buy trigger and stop prices for this $BTC buy setup.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Flight_to_the_new_%E2%80%9Csafety%E2%80%9D_of_Bitcoin\"><\/span>Flight to the new &#8220;safety&#8221; of Bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Recently, <a href=\"https:\/\/www.wsj.com\/articles\/concerns-about-credit-suisse-mount-after-debt-slide-11664824849\" target=\"_blank\" rel=\"noreferrer noopener\">news<\/a> emerged that Credit Suisse bank (one of the largest investment banks in the world ) <em>may be<\/em> on the brink of collapse.<\/p>\n\n\n\n<p>As with the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_Lehman_Brothers\" target=\"_blank\" rel=\"noreferrer noopener\">bankruptcy of Lehman<\/a> in 2008, such a black swan event could have massive implications to the entire financial system&#8212;especially since Credit Suisse is much larger than Lehman was.<\/p>\n\n\n\n<p>A collapse of Credit Suisse could obviously have damaging, far-reaching effects to the traditional finance sector&#8212;<em>but what about Bitcoin?<\/em><\/p>\n\n\n\n<p><em>In theory<\/em>, Bitcoin was created precisely to provide investors with an escape from over-leveraged financial systems.<\/p>\n\n\n\n<p>As such, <strong>a collapse of Credit Suisse could <em>theoretically<\/em> be bullish for Bitcoin.<\/strong><\/p>\n\n\n\n<p>If Bitcoin decouples from financial markets while everything is crashing, it would be<strong> a key factor for globalization and mass adoption.<\/strong><\/p>\n\n\n\n<p>On the other hand, many market makers and institutions still view $BTC as a &#8220;risk on&#8221; asset.<\/p>\n\n\n\n<p>Accordingly, Bitcoin could just as easily break down below support if liquidity evaporates during a black swan event.<\/p>\n\n\n\n<p>Either scenario could easily happen, but we won&#8217;t speculate which way Bitcoin will go IF disaster unfolds with Credit Suisse (which may not even happen).<\/p>\n\n\n\n<p>Since 2002, the mantra of our <a href=\"https:\/\/morpheustrading.com\/best-swing-trading-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">swing trading strategy<\/a> has been <strong>trade what we see, not what we think.<\/strong><\/p>\n\n\n\n<p>Therefore, it <em>really does not matter what we think<\/em> about which way $BTC would go.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Opportunity_awaits\"><\/span>Opportunity awaits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This Bitcoin swing trade setup is hot and you surely don&#8217;t want to miss it!<\/p>\n\n\n\n<p>However, be sure to <strong>wait for a proper buy trigger price<\/strong> (above the downtrend line and 50-day MA).<\/p>\n\n\n\n<p>As always, don&#8217;t forget your protective stop because anything can happen in the markets.<\/p>\n\n\n\n<p><em><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks?utm_source=sendinblue&amp;utm_campaign=MMM%20crypto%20-%20Oct%203%202022&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Morpheus Crypto PRO<\/strong><\/a> service gives you Trade Alerts with exact Entry and Exit levels for all our crypto swing trade picks. Includes professionally moderated Crypto Trader chatroom (with live Q&amp;A) and trackable Morpheus Crypto portfolio.<\/em><\/p>\n\n\n\n<p>Want to learn more first? Our free <em><a href=\"https:\/\/4966a6ff.sibforms.com\/serve\/MUIEAJqM6y996CVuSt5YOnw7UV34SC4tYPFYxFmftnhGIc2MoPHASINFyKHObZxPBm6i2nTE7WnTzCjOvxCiWgz-nLshswJTqZy0v7sAqPlObvBLFuNm-i9AeYKzYnwA13fESZNNjtLrwYhpwbmf6g1C_oSdwC02kW8ThcZC_ODF40tRczFxa7JhTvS2iK5AiPouZ2pKB25idYbA\" target=\"_blank\" rel=\"noreferrer noopener\">Morpheus Market Minutes<\/a><\/em> service provides you with daily crypto trade ideas and analysis.<\/p>\n\n\n\n<p><iframe loading=\"lazy\" style=\"display: block; margin-left: auto; margin-right: auto; max-width: 100%;\" src=\"https:\/\/4966a6ff.sibforms.com\/serve\/MUIEAJqM6y996CVuSt5YOnw7UV34SC4tYPFYxFmftnhGIc2MoPHASINFyKHObZxPBm6i2nTE7WnTzCjOvxCiWgz-nLshswJTqZy0v7sAqPlObvBLFuNm-i9AeYKzYnwA13fESZNNjtLrwYhpwbmf6g1C_oSdwC02kW8ThcZC_ODF40tRczFxa7JhTvS2iK5AiPouZ2pKB25idYbA\" width=\"540\" height=\"675\" frameborder=\"0\" scrolling=\"auto\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After months of range-bound trading, Bitcoin ($BTC) is now setting up for a huge breakout above key resistance. <\/p>\n<p>Here&#8217;s how to profit from this hot crypto swing trade setup now&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[786],"tags":[],"class_list":["post-13566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-picks-analysis"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/13566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=13566"}],"version-history":[{"count":5,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/13566\/revisions"}],"predecessor-version":[{"id":14226,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/13566\/revisions\/14226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/13568"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=13566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=13566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=13566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}