The Bitcoin price has broken out over the past 48 hours, climbing roughly $100 or 23% to $530! This level around $520 to $530 represents key resistance as it was support twice over the past six months and was resistance during the last breakout attempt in April. This sharp move came as the two opposing trend lines converged and the candlesticks look very similar to the April breakout attempt.  It will be critical for the price to break above $550 in the coming days in order to confirm a new uptrend. The higher low that was register earlier this week was bullish and volume has picked up on this latest move.

bitcoin chartI will be watching closely over the coming days to see if this breakout is confirmed or if it is another failed attempt to climbing above resistance. On any sustained move above $550, I will be a buyer.  With geopolitical tensions rising around the globe and an accelerated move away from the dollar as world reserve currency, we may see renewed buying interest in Bitcoin.