Bullish Flag Formation: BTC displays a bullish flag pattern but struggles to break out, facing resistance at $38K.
Resistance at $38K: Bitcoin faces rejection at the $38K barrier, leading to a 0.92% drop on Sunday and a 0.29% intraday pullback.
Weekly Recovery: Despite the struggle, Bitcoin shows a 37.92% growth, sustaining the November rally with the sixth consecutive weekly green candle.
Technical Indicators - EMA: 50D and 200D EMAs display positive trends, signaling a strong uptrend post-golden crossover.
MACD Indicator: Minimal bearish gap in the MACD and signal lines hints at a potential trend reversal.
Bullish Failure: Bearish momentum persists as BTC fails to absorb overhead supply, teasing another bear cycle within the flag pattern.
Positive Sentiments: Buyers sustain recovery rally, aligning with positive Bitcoin price predictions, signaling further upward momentum.
Current Price & Breakout Potential: BTC trades at $37,356; any positive news might amplify bullish momentum, potentially leading to a sharp price jump.
Anticipated Breakout: Market sentiment anticipates a bullish breakout, with a potential 12% surge to
42K, if the ongoing pullback reverses.
Support and Resistance: Ongoing pullback may retest bottom support trendline near
36K if the breakout doesn't materialize.
Resistance at $38K: Bitcoin faces rejection at the $38K barrier, leading to a 0.92% drop on Sunday and a 0.29% intraday pullback.
Weekly Recovery: Despite the struggle, Bitcoin shows a 37.92% growth, sustaining the November rally with the sixth consecutive weekly green candle.
Technical Indicators - EMA: 50D and 200D EMAs display positive trends, signaling a strong uptrend post-golden crossover.
MACD Indicator: Minimal bearish gap in the MACD and signal lines hints at a potential trend reversal.
Bullish Failure: Bearish momentum persists as BTC fails to absorb overhead supply, teasing another bear cycle within the flag pattern.
Positive Sentiments: Buyers sustain recovery rally, aligning with positive Bitcoin price predictions, signaling further upward momentum.
Current Price & Breakout Potential: BTC trades at $37,356; any positive news might amplify bullish momentum, potentially leading to a sharp price jump.
Anticipated Breakout: Market sentiment anticipates a bullish breakout, with a potential 12% surge to
42K, if the ongoing pullback reverses.Support and Resistance: Ongoing pullback may retest bottom support trendline near
36K if the breakout doesn't materialize.
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.
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.