#BITCOIN ⟶ BULL RUN INCOMING??!
Updated
📣Despite the recent decline in Bitcoin's price, "Michael Saylor", a prominent figure in the cryptocurrency market, continues to advocate for holding onto Bitcoin. This comes as some analysts, citing recent US employment data, anticipate a potential interest rate cut by the "Federal Reserve", which could drive up riskier assets like Bitcoin. In this analysis, we will delve into the technical reasons supporting this view👇👇👇
🔥#Bitcoin / ⏱Daily Timeframe
📌#Bitcoin failed to reach above the bearish channel on the weekly timeframe during its previous bull-trend.
🔻Subsequently, it has retested the channel's bottom with the recent decline.
🚀As a result, there is potential for growth based on a double bottom pattern and a triple divergence, targeting the channel's upper boundary.
✅This rally could initiate from the current channel bottom or the support zone of $49,000.00 - $50,096.10.
⚠️If it rallies from the channel bottom and reaches the first target of $57,877.90, a pullback to retest the second support zone is likely before a substantial uptrend resumes‼️
🙅Regardless, a breakout above the first target ($57,877.90), which is a crucial resistance level on the daily timeframe, is essential for the uptrend to continue✅🚀
🎯Subsequent targets include:
🚀Target 2: $66,755.85
🚀🚀Target 3: $74,537.70
❌The stop-loss for the bullish scenario is a breakout below the bearish channel and a daily candle close below $49,000.00 on the weekly timeframe.
🔄In this case, the trend would shift from bullish to bearish, potentially targeting $41,218.20 and then $34,494.20👆👇
..................................
🔥#Bitcoin / ⏱Monthly Timeframe
🔥Potential for a Significant Uptrend🚀🚀
✅On the monthly chart, #Bitcoin is showing signs of forming a flag pattern, which could signal a substantial price increase.
⁉️However, for this bullish scenario to play out, the price needs to break above the flag pattern on the monthly timeframe.
✅If this occurs, #Bitcoin could potentially rally to around $155,000🚀🚀🎯💰
🔥#Bitcoin / ⏱Daily Timeframe
📌#Bitcoin failed to reach above the bearish channel on the weekly timeframe during its previous bull-trend.
🔻Subsequently, it has retested the channel's bottom with the recent decline.
🚀As a result, there is potential for growth based on a double bottom pattern and a triple divergence, targeting the channel's upper boundary.
✅This rally could initiate from the current channel bottom or the support zone of $49,000.00 - $50,096.10.
⚠️If it rallies from the channel bottom and reaches the first target of $57,877.90, a pullback to retest the second support zone is likely before a substantial uptrend resumes‼️
🙅Regardless, a breakout above the first target ($57,877.90), which is a crucial resistance level on the daily timeframe, is essential for the uptrend to continue✅🚀
🎯Subsequent targets include:
🚀Target 2: $66,755.85
🚀🚀Target 3: $74,537.70
❌The stop-loss for the bullish scenario is a breakout below the bearish channel and a daily candle close below $49,000.00 on the weekly timeframe.
🔄In this case, the trend would shift from bullish to bearish, potentially targeting $41,218.20 and then $34,494.20👆👇
..................................
🔥#Bitcoin / ⏱Monthly Timeframe
🔥Potential for a Significant Uptrend🚀🚀
✅On the monthly chart, #Bitcoin is showing signs of forming a flag pattern, which could signal a substantial price increase.
⁉️However, for this bullish scenario to play out, the price needs to break above the flag pattern on the monthly timeframe.
✅If this occurs, #Bitcoin could potentially rally to around $155,000🚀🚀🎯💰
Trade closed: target reached
Hey everyone✋
😉Did you guys follow my previous #Bitcoin analysis⁉️😅
✅It accurately predicted the bounce from the first support level and even hit our initial target!🎯🚀
💰That's a 7% gain in Bitcoin, just as I expected🎉
🍻Hope you all made some profits
🔥The fact is, our initial target of 57,877.90 for #Bitcoin has been reached, which was the most significant resistance level.
🧐Curious about what happens next?
🧐Will we see continued growth from here, or could there be another dip first⁉️
✅I've prepared a new analysis that outlines a complete roadmap for maximizing profits in this rally🚀💰
😉Ready to dive in⁉️
Make sure to check out the new post!
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