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Bitcoin Breakout: Price Breakout Above $20,350?

BTC Update -

After 6 days of trading within the descending channel, Bitcoin has finally had its breakout and confirmed 4h cancel close above. It has also moved straight through the 20,350 S/R flip level.

We could be looking at something like this, if it confirms support again on a retest.

The USDT dominance chart is playing out like we were looking for, a confirmed breakdown of the bear flag this morning.

In a few hours we have the NFP jobs data from the US. This looks at how many more people were employed in the labour market last month. The previous reading was 263k.

The expectation this time is lower, at 195k-200k. If this comes in as expected, it could be bullish as it shows weakness in the labour market and signals to the Fed a need to loosen the economy.

A reading lower than expected could be seen as very bullish, with higher than expected being bearish.

This post is based on this twitter thread.

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