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