Bitcoin
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Bitcoin’s Bullish Reversal: This Chart Pattern Can Send BTC High

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Here's where I see Bitcoin going next.

As the US elections and the FED rate cuts come closer, the macro conditions are getting ready for a Bitcoin breakout.

Here's the explanation for the TA:

Descending Channel: Bitcoin has been trading within a downward channel. However, there's potential for a bullish breakout if the price moves above the channel's upper resistance, which is around $65k.

Key Support at 52K-$53K: This level has provided strong support, preventing further declines.

Rounded Bottom: The price action is forming a rounded bottom pattern, a bullish reversal signal, suggesting that the downtrend might be coming to an end.

RSI Indicator: The RSI around 49.85 indicates a neutral momentum, but the upward movement suggests a possible shift towards a bullish trend.

If Bitcoin breaks out of the descending channel and holds above $53K, it will trigger a significant upward move, and perhaps the start of a new bull run.

Penafian

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