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Bitcoin Pushing to New Highs on the Year

Bitcoin has been bullish since mid-August and is now pushing into new highs on the year after tagging 336. 

Bitcoin (BTCUSD) Daily Chart 10/31

(click to enlarge)

In the Bitcoin Daily chart, we can see that price has been essentially trading in a consolidation throughout the year. It is now showing some bullish bias as price cracks the resistance of this consolidation. 

At this point, we can say that downside risk might be limited to 250 instead of all the way back to the lows on the year around 162. In fact, if there is a pullback, let's expect some support at or above 250, around the cluster of 200-, 100-, and 50-day simple moving averages. 

With further confirmation of the current bullish signal, bitcoin has upside risk towards 400.