Bitcoin’s sustained break above resistance at around the $20,000 area opens the way for a move towards $30,000 plus (see Weekly Chart), according to Tony Sycamore, Director of Australia-based TECHFX TRADERS.

Sycamore says the price action has been impressive since it broke out of a triangle consolidation pattern and Bitcoin remains in an impulsive wave iii higher (see Daily Chart). The next upside target is at $30,000 and then $40,000, and he thinks pullbacks to $20,000 / 22,000 should be well supported. A close below $19,000, however, would in Sycamore’s view suggest the break higher has failed and would warrant a move to a more neutral bias.

See Weekly Chart / Daily Chart.