Bitcoin breakout? Up 5 consecutive days in a row
Bitcoin price has been climbing for 5 days including 2 over the weekend. Bitcoin movement tend to stall over the weekend and any real movement is pretty rare. As you can see, we are hitting the descending trendlines.
I want to bring attention of what happens when the market is up 5 consecutive days in a row. I've covered a while back on bitcoin price backtest when market gets incredibly bullish.
Criteria for backtest:
When market is up 5 consecutive days in a row.
Measure the performance of the next X (1-5) days.
To summerize the results, the market will likely pullback or consolidate in the first 1-3 days, but makes a push higher after selling pressure decreases from profit taking; probability of success is 63% by day 5.