BITCOIN : A BULLISH TREND STILL ALIVE
- The market has been registering higher highs and lows since the end of October 2023, the medium-term trend is therefore bullish.
- More recently, the market entered into consolidation inside a symmetrical triangle continuation pattern between $44,500.0 and $41,200.0.
This consolidation caused the suspension of the end-of-year rally, confirmed by the breakdown of the dotted bullish channel.
The Stochastic indicator is moving around its neutrality zone, but has still not confirmed the end of the trend with a breakout of its bullish dynamic support.
- Despite the recent invalidation of the bullish channel, this situation is still perceived as bullish technically speaking.
Indeed, the absence of a new market bottom while prices evolve within a triangle continuation pattern tends to announce a continuation of the bullish movement.
The first available support is around $41,250.0 while the first target for the market could be around the double resistance of $48,800.0 (report of the width of the triangle + 61.8% Fibonacci)
- More recently, the market entered into consolidation inside a symmetrical triangle continuation pattern between $44,500.0 and $41,200.0.
This consolidation caused the suspension of the end-of-year rally, confirmed by the breakdown of the dotted bullish channel.
The Stochastic indicator is moving around its neutrality zone, but has still not confirmed the end of the trend with a breakout of its bullish dynamic support.
- Despite the recent invalidation of the bullish channel, this situation is still perceived as bullish technically speaking.
Indeed, the absence of a new market bottom while prices evolve within a triangle continuation pattern tends to announce a continuation of the bullish movement.
The first available support is around $41,250.0 while the first target for the market could be around the double resistance of $48,800.0 (report of the width of the triangle + 61.8% Fibonacci)
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