Bitcoin takes a breather after smashing through $8k psych level

One for you cryptocurrency enthusiasts

Crypto bulls have been loving life as price yesterday broke the bearish structure, by printing a new higher high.

Take a look at the daily chart below:

You can see there that it was a proper breakout too. By that I mean one with some decent momentum behind it and not just a trickle through.

I'm sure there were plenty of stops just above that swing high which would have been accumulated for a good month and a half. When they started to trigger, it was goodbye.

Zooming into an intraday chart now:

You can see that price has held its breakout really promisingly. When you see that price has those extra spurts after stalling, you know it's a good move and that's exactly what we've got on the hourly.

Price has now pulled back into that first consolidation area, retesting the previous short term resistance as support. This is where we see just how much momentum the breakout has.