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Bitcoin Breaks Above a ST Falling Trendline

Last week, bitcoin failed to clear above 300 and retreated from around 298. As we can see in the 1H chart, price came almost down to 276 before starting to bottom. Over the weekend, bitcoin completed a double bottom, broke above the double bottom, pulled back and confirmed the double bottom as support. 

Bitcoin (BTCUSD) 1H Chart 8/3
(click to enlarge)

As we start another week, bitcoin extended from this double bottom attempt to a break above a falling trendline from last week. The price bottom and breakout signals continuation of a prevailing trend in the medium-term, and thus puts the 300 psychological level back in play. There is also upside risk towards the 310-320, 2015-highs. 

At this point, if the virtual currency is indeed back in bullish mode, we should expect support in the 282-282.50 area, with some elbow space to 280. However, a break below 280 at this point would signal further bearish correction towards the 260 handle.