BitcoinLong
Breaking the Bears: Bitcoin Bullish Momentum
Hello TradingView community. Welcome in Vestinda Bitcoin price analysis.
Reports about bank collapses, stablecoins, and interest rate increases appear to be powerful enough to increase the price of bitcoin. Well, Bitcoin almost hovers above $28,000 amid banking instability.
On the other side, we discover chart patterns that suggest a market recovery from the bear trend as Bitcoin surged in the beginning of March 2023 by approximately +80%.
1. Price on long term scale remains in Rising Channel
2. Strong breakout of Downtrend Resistance
3. EMA Ribbon bullish breakout
Which means price is likely to continue growth inside Rising Channel, and according to identical move characteristics from 2019, we might land on this move in the upper 40s or low 50s. For sure it is our High-hopes, and in general, the price movement may differ both in time and appearance.
What is Rising Channel in trading?
A rising channel is a technical analysis tool used by traders to identify an uptrend in the market. It is formed when the price of a security moves between two parallel trendlines, with the upper trendline representing resistance and the lower trendline representing support. The rising channel can be used to identify potential entry and exit points for trades, as well as to determine whether a security is in an uptrend or downtrend. Traders can also use it to set stop-loss orders and take profits when trading, a rising channel helps traders determine where the current price is in reference to the median of the market.
Learn about Bulls and Bears on the markets:
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Reports about bank collapses, stablecoins, and interest rate increases appear to be powerful enough to increase the price of bitcoin. Well, Bitcoin almost hovers above $28,000 amid banking instability.
On the other side, we discover chart patterns that suggest a market recovery from the bear trend as Bitcoin surged in the beginning of March 2023 by approximately +80%.
1. Price on long term scale remains in Rising Channel
2. Strong breakout of Downtrend Resistance
3. EMA Ribbon bullish breakout
Which means price is likely to continue growth inside Rising Channel, and according to identical move characteristics from 2019, we might land on this move in the upper 40s or low 50s. For sure it is our High-hopes, and in general, the price movement may differ both in time and appearance.
What is Rising Channel in trading?
A rising channel is a technical analysis tool used by traders to identify an uptrend in the market. It is formed when the price of a security moves between two parallel trendlines, with the upper trendline representing resistance and the lower trendline representing support. The rising channel can be used to identify potential entry and exit points for trades, as well as to determine whether a security is in an uptrend or downtrend. Traders can also use it to set stop-loss orders and take profits when trading, a rising channel helps traders determine where the current price is in reference to the median of the market.
Learn about Bulls and Bears on the markets:
Hey, what do you like to read next on TradingView?
Your feedback will help us create more relevant and useful content!
Thank you so much.
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