Bitcoin Breaks Out: Bullish Momentum Builds Above Key Levels
Hello guys!
The chart of Bitcoin reveals a significant bullish breakout, characterized by two key technical developments:
Broken Ascending Channel:
Bitcoin was trading within an ascending parallel channel, gradually making higher highs and higher lows. This channel was recently breached to the downside, suggesting a temporary weakening in momentum.
False Breakdown and Strong Reversal:
Despite the initial breakdown from the channel, Bitcoin swiftly reversed and surged upwards, reclaiming previous support levels with strong bullish candles. This “fake-out” move often traps bears and reinforces bullish sentiment.
Trendline Breakout:
More notably, BTC has broken above a descending trendline, which had acted as a resistance zone. This breakout, backed by strong volume and momentum, indicates a shift in market structure from consolidation to potential expansion.
Projected Upside Target:
Based on the breakout projection drawn on the chart, the next major resistance appears near the $109,600 level. This aligns with the upper purple dashed line, which may represent a historical resistance zone or a Fibonacci extension.
The chart of Bitcoin reveals a significant bullish breakout, characterized by two key technical developments:
Broken Ascending Channel:
Bitcoin was trading within an ascending parallel channel, gradually making higher highs and higher lows. This channel was recently breached to the downside, suggesting a temporary weakening in momentum.
False Breakdown and Strong Reversal:
Despite the initial breakdown from the channel, Bitcoin swiftly reversed and surged upwards, reclaiming previous support levels with strong bullish candles. This “fake-out” move often traps bears and reinforces bullish sentiment.
Trendline Breakout:
More notably, BTC has broken above a descending trendline, which had acted as a resistance zone. This breakout, backed by strong volume and momentum, indicates a shift in market structure from consolidation to potential expansion.
Projected Upside Target:
Based on the breakout projection drawn on the chart, the next major resistance appears near the $109,600 level. This aligns with the upper purple dashed line, which may represent a historical resistance zone or a Fibonacci extension.
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Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.