BTC Price Index and Live Chart – CoinDesk”>(BTC) by a significant margin. Fairlead Strategies believes that COIN could see further gains as it is close to confirming a long-term breakout of its base pattern.

A stock will consolidate in a certain price range after a large sell-off. Energy built up in the period of consolidation is released in the direction that the base is breached. In the case of a bullish break, this energy is directed upwards.

“COIN will likely confirm a long term base breakout on Friday, above the resistance of $116. The breakout is positive on a long-term basis, indicating that the primary trend has changed higher”, Fairlead analysts, led by managing partner Katie Stockton and founder Katie Stockton said in a Monday note to their clients.

Analysts believe that the breakout of the base has opened up doors for a rally towards resistance at $160, and possibly $200.

COIN is heading north, with the weekly chart indicating a long-term bullish recovery. (TradingView) (TradingView)

The chart shows COIN crashed during the first half 2022. It then entered a base formation lasting 15 months between $30 and $116.

Last week the price moved above $116. This was the upper limit of the base pattern and signaled a breakout. If prices remain above this level on Friday, the bullish trend will be confirmed. Traders look for weekly or daily closings above resistance in order to confirm a breakout.

Parikshit Miishra is the editor.