Bitcoin's weekly chart has been forming an interesting pattern.
For weeks, the cryptocurrency has experienced lower highs, which typically signals bearish sentiment in the market.
However, the latest weekly close indicates a possible change in direction, suggesting that Bitcoin may be ready for a bullish breakout.
This positive development is further backed by a technical pattern known as the "three white soldiers", which is often seen before a strong upward rally.
The last time Bitcoin formed this pattern was in early 2023 and again in October of the same year, both of which led to notable bullish runs.
For weeks, the cryptocurrency has experienced lower highs, which typically signals bearish sentiment in the market.
However, the latest weekly close indicates a possible change in direction, suggesting that Bitcoin may be ready for a bullish breakout.
This positive development is further backed by a technical pattern known as the "three white soldiers", which is often seen before a strong upward rally.
The last time Bitcoin formed this pattern was in early 2023 and again in October of the same year, both of which led to notable bullish runs.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.