BTC Breaks Out from 200 Days Range
Bitcoin has been on quite a journey, spending over 200 days locked in a range-bound pattern. But, as the saying goes, "good things come to those who wait." Bitcoin has finally made a breakout move to the upside, and it's got its sights set on an ambitious target of $40,000. However, it's essential to recognize that it will likely need some time for reaccumulation before testing the range once more and forging ahead. 📈🎯
Breaking Free from the Range:
Look closer how this reaccumulation looks at 1H time-frame :
We are always moving from one liquidity to another
For what felt like an eternity, Bitcoin has been trading within a range, caught between certain price levels. But now, it has broken free, like a phoenix rising from the ashes, and its upward journey has begun. 🌅🚀
The Reaccumulation Phase:
After such a substantial breakout, it's only natural that Bitcoin would want to take a breath and reaccumulate its strength. This period of consolidation is essential to fortify the newfound levels and gather momentum for the next phase. ⏳🔍
Retesting the Range:
Before aiming for the ambitious $40,000 target, Bitcoin is likely to revisit the range it spent so long in. This retest will serve as a confirmation of the new support levels and ensure the foundation is solid for further upward movement. 🔄💪
Trading Strategy:
Observation: Keep a close eye on Bitcoin's price action and how it interacts with the former range boundaries.
Patience: Be prepared for a period of reaccumulation and consolidation. It's during these times that savvy traders position themselves for the next leg up.
Risk Management: Maintain sound risk management practices, especially when dealing with a market as dynamic as Bitcoin.
Conclusion:
Bitcoin's breakout from its long-standing range is an exciting development. However, it's crucial to remain patient and adaptable. The cryptocurrency market can be both exhilarating and unpredictable, so it's essential to be ready for a range retest and subsequent movements.
As Bitcoin sets its sights on $40,000, make sure you stay informed, exercise caution, and be prepared for the journey ahead.
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Breaking Free from the Range:
Look closer how this reaccumulation looks at 1H time-frame :
We are always moving from one liquidity to another
For what felt like an eternity, Bitcoin has been trading within a range, caught between certain price levels. But now, it has broken free, like a phoenix rising from the ashes, and its upward journey has begun. 🌅🚀
The Reaccumulation Phase:
After such a substantial breakout, it's only natural that Bitcoin would want to take a breath and reaccumulate its strength. This period of consolidation is essential to fortify the newfound levels and gather momentum for the next phase. ⏳🔍
Retesting the Range:
Before aiming for the ambitious $40,000 target, Bitcoin is likely to revisit the range it spent so long in. This retest will serve as a confirmation of the new support levels and ensure the foundation is solid for further upward movement. 🔄💪
Trading Strategy:
Observation: Keep a close eye on Bitcoin's price action and how it interacts with the former range boundaries.
Patience: Be prepared for a period of reaccumulation and consolidation. It's during these times that savvy traders position themselves for the next leg up.
Risk Management: Maintain sound risk management practices, especially when dealing with a market as dynamic as Bitcoin.
Conclusion:
Bitcoin's breakout from its long-standing range is an exciting development. However, it's crucial to remain patient and adaptable. The cryptocurrency market can be both exhilarating and unpredictable, so it's essential to be ready for a range retest and subsequent movements.
As Bitcoin sets its sights on $40,000, make sure you stay informed, exercise caution, and be prepared for the journey ahead.
❗️Get my 3 crypto trading indicators for FREE! Link below🔑
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