Bitcoin Analysis: Triangle Breakout with Bullish Potential
hello guys.
Pattern Breakout: Bitcoin appears to be breaking out of a triangle formation, a bullish signal that often suggests potential for upward momentum.
Flip Area: The support zone marked as the "flip area" around $67,200 acts as a strong support level.
Potential Scenarios:
Immediate Breakout: If Bitcoin holds above the triangle, it could make a direct move towards the upper target range around $71,000.
Retest and Bounce: There is also a possibility of a slight retracement, potentially down to the $67,200–$68,000 range, before bouncing and resuming the uptrend.
Resistance Target: The primary resistance level to watch is around $71,000, which aligns with a previously established high. Breaking above this could lead to further bullish momentum.
Outlook: The setup looks favorable for a bullish move, especially if Bitcoin maintains momentum above the triangle and key support levels.
Pattern Breakout: Bitcoin appears to be breaking out of a triangle formation, a bullish signal that often suggests potential for upward momentum.
Flip Area: The support zone marked as the "flip area" around $67,200 acts as a strong support level.
Potential Scenarios:
Immediate Breakout: If Bitcoin holds above the triangle, it could make a direct move towards the upper target range around $71,000.
Retest and Bounce: There is also a possibility of a slight retracement, potentially down to the $67,200–$68,000 range, before bouncing and resuming the uptrend.
Resistance Target: The primary resistance level to watch is around $71,000, which aligns with a previously established high. Breaking above this could lead to further bullish momentum.
Outlook: The setup looks favorable for a bullish move, especially if Bitcoin maintains momentum above the triangle and key support levels.
Trade closed: target reached
the pointed area touched!
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.