BitcoinLong
Bitcoin technical analysis for Moneday Big Move
Bitcoin (BTC) based on technical analysis. Here’s an interpretation of the setup:
Trendlines:
The downward sloping green trendline has been broken, indicating a bullish breakout from a descending structure.
Price appears to have retested this breakout zone, with potential for further upside.
Support Zones:
A significant green support zone around the $97,000 level is evident, indicating a potential bounce area.
This zone aligns with previous resistance, now acting as support.
EMA/SMA:
A moving average (likely 200 EMA) is shown providing dynamic support, which aligns with the overall bullish structure.
Projection:
The "W" pattern marked near the $100,000 level could indicate a double bottom scenario or retest, followed by a continuation of the uptrend.
Next Moves:
The arrow projects a potential upward movement towards higher resistance levels.
Outlook for Monday: Based on this chart, a pullback to the $100,000-$97,000 range could occur, followed by a bounce and resumption of the bullish trend. Watching for confirmations like bullish candlestick patterns in the green zone will be crucial.
Let me know if you'd like deeper insights or assistance refining the analysis.
Trendlines:
The downward sloping green trendline has been broken, indicating a bullish breakout from a descending structure.
Price appears to have retested this breakout zone, with potential for further upside.
Support Zones:
A significant green support zone around the $97,000 level is evident, indicating a potential bounce area.
This zone aligns with previous resistance, now acting as support.
EMA/SMA:
A moving average (likely 200 EMA) is shown providing dynamic support, which aligns with the overall bullish structure.
Projection:
The "W" pattern marked near the $100,000 level could indicate a double bottom scenario or retest, followed by a continuation of the uptrend.
Next Moves:
The arrow projects a potential upward movement towards higher resistance levels.
Outlook for Monday: Based on this chart, a pullback to the $100,000-$97,000 range could occur, followed by a bounce and resumption of the bullish trend. Watching for confirmations like bullish candlestick patterns in the green zone will be crucial.
Let me know if you'd like deeper insights or assistance refining the analysis.
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