#BITCOIN ⟶ CRITICAL BREAKOUTS!!
Updated
💎#BITCOIN / ⏱4-Hour Timeframe
‼️With the start of the new month (September), the monthly pivots have been updated, and importantly, the price has encountered the monthly pivot (57877.92) from above as a support level.
✅This support is not the only one that #BITCOIN has encountered, and the high of the bearish channel and the lower arm of the wedge should also be added to the supports.
✅So here we have a high density of supports.
‼️On the other hand, divergence based on the MACD indicator is evident.
🚀As a result, based on encountering these supports, the closest growth condition can be considered as breaking the upper arm of the wedge on the 4-hour timeframe.
🎯If the mentioned growth condition is met, BITCOIN can reach the following targets:
🚀Target 1: 59778.50
🚀🚀Target 2: 62335.77 (suggested)
🚀🚀🚀Target 3: 66755.85
✅Conversely, if instead of breaking the wedge pattern upwards, it can re-enter the bearish channel and a valid breakout occurs, #BITCOIN will continue its decline from this point and reach the following targets:
🔻Target 1: Midline of the channel
🔻🔻Target 2: Bottom of the channel
🔻🔻🔻Target 3: 50096.07
‼️With the start of the new month (September), the monthly pivots have been updated, and importantly, the price has encountered the monthly pivot (57877.92) from above as a support level.
✅This support is not the only one that #BITCOIN has encountered, and the high of the bearish channel and the lower arm of the wedge should also be added to the supports.
✅So here we have a high density of supports.
‼️On the other hand, divergence based on the MACD indicator is evident.
🚀As a result, based on encountering these supports, the closest growth condition can be considered as breaking the upper arm of the wedge on the 4-hour timeframe.
🎯If the mentioned growth condition is met, BITCOIN can reach the following targets:
🚀Target 1: 59778.50
🚀🚀Target 2: 62335.77 (suggested)
🚀🚀🚀Target 3: 66755.85
✅Conversely, if instead of breaking the wedge pattern upwards, it can re-enter the bearish channel and a valid breakout occurs, #BITCOIN will continue its decline from this point and reach the following targets:
🔻Target 1: Midline of the channel
🔻🔻Target 2: Bottom of the channel
🔻🔻🔻Target 3: 50096.07
Trade closed: target reached
Hi Guys✌️
✅The previous post confirmed growth based on the breakout of the wedge and divergence on the 4-hour timeframe, right at the dense support area
✅Subsequently, it successfully hit the first target (59661.30)🤩💰
🔥Important note: Due to the weekly candle closing pattern, the first target is a significant resistance level and passing through it is challenging‼️
🔻A decline could start from this area!!
👀I will discuss this in detail in today's update🤞
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