#BITCOIN BULLISH AGAIN? CHANNEL BREAKOUT COULD IGNITE RALLY!
⭐#BITCOIN Analysis / 4-Hour Timeframe
After a sharp rally that broke through the bearish trend-line, BITCIN entered a phase of gradual decline.
This decline was contained within a BEARISH channel on the 4-hour timeframe.
In an attempt to continue its upward momentum, it penetrated above this channel but was subsequently pulled back into it.
In this situation, the midline and the bottom of the channel provide strong support for halting the decline and initiating a sustained rally.
A breakout of this channel on the 4-hour timeframe would confirm the formation of a low and the continuation of the uptrend (wait for the 4-hour candle to close).
🎯Subsequent bullish targets:
Target 1: 62731.30-64638.5
Target 2: 70564.4-71976.7
Target 3: 78481.10
The stop-loss for the proposed growth scenario is a break below the 56819.25 support level on the 4-hour timeframe.
In this case, BITCOIN's long-term trend would remain bullish, but we would likely see a drop to at least the previous low before any further bullish movement.
.....................................
⭐#BITCOIN Analysis / 15-Minute Timeframe
Continuing from the 4-hour timeframe analysis, on the 15-minute timeframe, the breakout of the daily resistance at 59642.64 could confirm the growth.
🎯Apart from the targets I mentioned in the main analysis, the following shorter-term targets can also be considered for growth:
Target 1: 60847.35
Target 2: 62731.30-63003.57
The recent bullish trend-line and the high of the 4-hour timeframe channel are significant supports that could cause the growth to resume from this area (indicated by the green arrow in the image).
However, if BITCOIN re-enters the 4-hour downtrend channel, we will have a (temporary) decline to the support zone of 56276.37-57482.41 and growth will likely start from that area.
Pay attention to the overall stop-loss for the growth scenario (main analysis).
After a sharp rally that broke through the bearish trend-line, BITCIN entered a phase of gradual decline.
This decline was contained within a BEARISH channel on the 4-hour timeframe.
In an attempt to continue its upward momentum, it penetrated above this channel but was subsequently pulled back into it.
In this situation, the midline and the bottom of the channel provide strong support for halting the decline and initiating a sustained rally.
A breakout of this channel on the 4-hour timeframe would confirm the formation of a low and the continuation of the uptrend (wait for the 4-hour candle to close).
🎯Subsequent bullish targets:
Target 1: 62731.30-64638.5
Target 2: 70564.4-71976.7
Target 3: 78481.10
The stop-loss for the proposed growth scenario is a break below the 56819.25 support level on the 4-hour timeframe.
In this case, BITCOIN's long-term trend would remain bullish, but we would likely see a drop to at least the previous low before any further bullish movement.
.....................................
⭐#BITCOIN Analysis / 15-Minute Timeframe
Continuing from the 4-hour timeframe analysis, on the 15-minute timeframe, the breakout of the daily resistance at 59642.64 could confirm the growth.
🎯Apart from the targets I mentioned in the main analysis, the following shorter-term targets can also be considered for growth:
Target 1: 60847.35
Target 2: 62731.30-63003.57
The recent bullish trend-line and the high of the 4-hour timeframe channel are significant supports that could cause the growth to resume from this area (indicated by the green arrow in the image).
However, if BITCOIN re-enters the 4-hour downtrend channel, we will have a (temporary) decline to the support zone of 56276.37-57482.41 and growth will likely start from that area.
Pay attention to the overall stop-loss for the growth scenario (main analysis).
Note
🔄#BITCOIN analysis update - August 16
⏳Based on the 4H time-frame:
✅BITCOIN's decline halted at the second support level as per our analysis. It has now rallied to the channel's high.
👉Given the sluggish growth, the channel's high, acting as resistance, is a critical decision point.
🔄This analysis should be updated based on any new developments in the chart.
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