The big breakout will be when BTC breaks through the downtrend line. If we see a tight consolidation at the top of this move or a bull flag then it could happen soon..by the end of the week. The month of March starts on Thurs and all the monthly pivots will re-adjust. BTC will be trading comfortably above the March monthly PP which I currently calculate at 7850 which hasn't happened since a break below January's PP on Jan 11 when the selloff really accelerated. Historically I've noticed a lot of big moves in BTC begin in the change-over at the beginning of the month...we'll see.
The PP (Pivot Point line) is calculated by adding the high, low and close of a fixed period (day, week, month, year) and dividing by 3. The Pivot Point line basically represents fair value for the period of time selected. When a crypto or any other tradable instrument is trading above the PP line it indicates sellers are asking for a premium and buyers are willing to pay a premium as compared to what traders were paying on average in the previous time period. Trading below the PP line indicates the opposite. Trading above the PP line is considered bullish and below bearish.