WILL BTC BE ABLE TO CONTINUE THIS BULLISH RALLY?
In the higher timeframe, Bitcoin (BTC) is currently encountering two significant resistance levels that it must surpass for a more bullish movement to materialize.
Why is it so strong? it's a 446-day resistance
In the daily time frame
"After each significant or sudden movement, Bitcoin has exhibited a tendency to consolidate sideways."
here we can see a bearish divergence in RSI also
So what do you expect?
LET'S HAVE A LOOK AT THE SHORTER TIME FRAME
In the shorter time frame, Bitcoin (BTC) has broken out of this bullish pennant pattern and is currently in the process of retesting it. According to the technical pattern analysis, we can anticipate a potential bounce of approximately 15% to 17% from the current level.
LET'S HOPE THIS IS NOT BEAR TRAP
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Comment:
The weekly candlestick closing for Bitcoin (BTC) appears to be showing a bullish trend, though it might not be as robust as the previous week. Currently, it is making significant efforts to breach a crucial horizontal resistance, which, if successfully achieved, would confirm a strong bullish trend in the market.
Nonetheless, there's also the possibility of encountering rejection at this pivotal resistance level. In the event of such a setback, it could lead to a retest of the indicated horizontal support level. This dynamic in the BTC market reflects the ongoing tug-of-war between bullish and bearish sentiment, with traders closely monitoring these levels for potential price movements and trend reversals.
Nonetheless, there's also the possibility of encountering rejection at this pivotal resistance level. In the event of such a setback, it could lead to a retest of the indicated horizontal support level. This dynamic in the BTC market reflects the ongoing tug-of-war between bullish and bearish sentiment, with traders closely monitoring these levels for potential price movements and trend reversals.
Comment:
Comment:
"After each significant or sudden movement, #Bitcoin has exhibited a tendency to consolidate sideways."
RSI is also making bearish divergence in this daily timeframe.
So what do you think about this chart?
#Crypto
RSI is also making bearish divergence in this daily timeframe.
So what do you think about this chart?
#Crypto
Comment:
In the shorter time frame, We still need a breakout or breakdown of this pattern to conform the next move
Nothing more to update
Nothing more to update
Comment:
What do you think, guys?
Is this about to make a dramatic move, or is it gearing up for a push towards 38k?
#Crypto #BTC
Is this about to make a dramatic move, or is it gearing up for a push towards 38k?
#Crypto #BTC
Comment:
It's crucial that we achieve a daily candle close above this resistance level. What are your thoughts on the likelihood of this occurring?
If the daily candle fails to close above this resistance, we might witness a retest of the 31,000k to 31,500k range.
If the daily candle fails to close above this resistance, we might witness a retest of the 31,000k to 31,500k range.
Comment:
This is why I told you guys to wait for the daily candle close.
We need to close the daily candle above 36800k level.
Let’s see how the daily candle closes.
#Crypto #BTC
We need to close the daily candle above 36800k level.
Let’s see how the daily candle closes.
#Crypto #BTC
Comment:
In the daily time frame, Bitcoin (BTC) is currently positioned at a critical resistance level. To confirm a bullish scenario, we need a breakout above this resistance and a subsequent daily candle closure above it. It's noteworthy that this resistance has been in place for approximately 510 days.
However, in the shorter time frame, the price action appears to show a clean breakout and retest of this pattern. Until we observe a daily candle successfully closing above the resistance, I maintain a bearish outlook on BTC.
We'll need to closely monitor how the market responds. Feel free to share your insights and opinions in the comments section.
However, in the shorter time frame, the price action appears to show a clean breakout and retest of this pattern. Until we observe a daily candle successfully closing above the resistance, I maintain a bearish outlook on BTC.
We'll need to closely monitor how the market responds. Feel free to share your insights and opinions in the comments section.
Comment:
#BTC has successfully broken out of a 510-day-long resistance in the 3-day time frame, and this resistance is now transitioning into a support level.
BTC needs to clear this 28k resistance in case of more upside moves.
But in the shorter timeframe, BTC is still forming this bearish divergence. This development is concerning, suggesting potential downward movement towards the 33.5k to 34k level.
BTC needs to clear this 28k resistance in case of more upside moves.
But in the shorter timeframe, BTC is still forming this bearish divergence. This development is concerning, suggesting potential downward movement towards the 33.5k to 34k level.
Comment:
No changes in #BTC
Comment:
As long as Bitcoin maintains its position above the upper boundary of the triangle, market analysts anticipate the possibility of a sustained bullish rally. This breakout from the ascending triangle suggests increased buying pressure and optimism among traders and investors. The ascending triangle is generally regarded as a bullish continuation pattern, and its breakout often signals a potential upward price movement.
However, traders should remain vigilant, as price action in the coming days will be crucial. If Bitcoin were to re-enter the boundaries of the triangle, it could indicate a period of further trading within its confines, with potential support and resistance levels defined by the triangle's boundaries coming into play. Market dynamics can change rapidly, so it's essential to monitor price movements closely to adapt to evolving conditions and make informed trading decisions.