On the 4-hour chart, Bitcoin (BTC/USDT) has shown signs of a potential recovery. The price broke above the resistance level of $61,000 after forming an ascending triangle pattern, which is typically a bullish continuation pattern.
This breakout indicates renewed buying interest, potentially signaling the end of the recent downtrend. The ascending triangle pattern, characterized by a series of higher lows converging against a horizontal resistance, often leads to upward price movement once the resistance is breached. The breakout was accompanied by an increase in volume, further validating the move.
The $61,000 level, which previously acted as resistance, is now a critical support level. If Bitcoin holds above this level, it could confirm the start of a new bullish phase, with the next significant resistance around $64,944. However, a failure to maintain this level could lead to a retest of the ascending trendline near $59,500.
Traders should consider entering a long position near $61,000, with a stop loss below $59,500 to manage risk. The target would be the next resistance at $64,944, but a strong momentum could push the price higher. Monitoring volume and price action around $61,000 is crucial to assess the strength of this breakout.
This breakout indicates renewed buying interest, potentially signaling the end of the recent downtrend. The ascending triangle pattern, characterized by a series of higher lows converging against a horizontal resistance, often leads to upward price movement once the resistance is breached. The breakout was accompanied by an increase in volume, further validating the move.
The $61,000 level, which previously acted as resistance, is now a critical support level. If Bitcoin holds above this level, it could confirm the start of a new bullish phase, with the next significant resistance around $64,944. However, a failure to maintain this level could lead to a retest of the ascending trendline near $59,500.
Traders should consider entering a long position near $61,000, with a stop loss below $59,500 to manage risk. The target would be the next resistance at $64,944, but a strong momentum could push the price higher. Monitoring volume and price action around $61,000 is crucial to assess the strength of this breakout.
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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.