Based on previous price pattern and technical indicator (Dual Volume Divergence Line), I anticipate Bitcoin forming a local bottom within the next 6-8 weeks around the previous top 73.777 USD in order to test it. This projection aligns with the previous market cycle, where similar consolidation has led to strong upward movement.
Support Level: Bitcoin is approaching key support zone that has acted as a resistance before the last upward trend.
Market Cycles & Timing: Comparing past cycles, BTC has shown a tendency to bottom in similar timeframes before initiating a strong rally.
Technical Indicator: Dual Volume Divergence Line middle band hasn't yet shown red, a bearish momentum. To confirm a bottom first, it needs to appear, then a higher bottom. And finally, a potential reversal.
If this pattern holds, we could see a significant rally towards the year-end, potentially reaching new highs or retesting previous peaks. However, market conditions and external factors always play a role, so this analysis is purely for educational purposes and not financial advice.
Support Level: Bitcoin is approaching key support zone that has acted as a resistance before the last upward trend.
Market Cycles & Timing: Comparing past cycles, BTC has shown a tendency to bottom in similar timeframes before initiating a strong rally.
Technical Indicator: Dual Volume Divergence Line middle band hasn't yet shown red, a bearish momentum. To confirm a bottom first, it needs to appear, then a higher bottom. And finally, a potential reversal.
If this pattern holds, we could see a significant rally towards the year-end, potentially reaching new highs or retesting previous peaks. However, market conditions and external factors always play a role, so this analysis is purely for educational purposes and not financial advice.
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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.