The rally appears to have been triggered by bitcoin breaking out of the immediate ascending triangle on the 2-hour chart.
The rally once again confirms that the bitcoin markets are able to continue to set new price records despite the diminished role of the Chinese markets that once represented over 90% of all trading volume. The price is currently consolidating around the 1.0 Fibonacci extension from bitcoin’s previous major rally and retracement on the daily chart.
When looking at the weekly charts, the stochastic RSI has crossed above the 80 threshold for the first time since May of this year – when bitcoin broke above of the $1300 USD resistance area, before quickly doubling in price and setting highs of almost $3000 USD.