Bitcoin Update !
The price previously moved within an ascending channel but broke downwards.
After the breakdown, BTC consolidated in a falling wedge pattern and is now breaking upwards.
The red line (possibly the 50 MA) and the black line (possibly the 20 MA) indicate a bearish crossover during the breakdown.
The price is now attempting to rise above both moving averages.
It appears that BTC has successfully broken out of the wedge pattern.
A retest of the breakout level around $94,000-$95,000 may occur before further upside.
The hand-drawn curve suggests a bullish scenario, targeting levels around $110,000-$112,000 in the medium term.
Before the uptrend resumes, there could be a pullback or correction around the $102,000-$104,000 area.
Key Levels:
Support: $94,000, $92,000
Resistance: $100,000, $104,000, $112,000
The breakout from the falling wedge is a bullish signal, and if BTC stays above the moving averages and key support levels, a move toward $110,000 is possible. However, keep an eye on a potential retest of $94,000 for confirmation.
Let me know if you’d like further assistance or adjustments!
DYOR. NFA
After the breakdown, BTC consolidated in a falling wedge pattern and is now breaking upwards.
The red line (possibly the 50 MA) and the black line (possibly the 20 MA) indicate a bearish crossover during the breakdown.
The price is now attempting to rise above both moving averages.
It appears that BTC has successfully broken out of the wedge pattern.
A retest of the breakout level around $94,000-$95,000 may occur before further upside.
The hand-drawn curve suggests a bullish scenario, targeting levels around $110,000-$112,000 in the medium term.
Before the uptrend resumes, there could be a pullback or correction around the $102,000-$104,000 area.
Key Levels:
Support: $94,000, $92,000
Resistance: $100,000, $104,000, $112,000
The breakout from the falling wedge is a bullish signal, and if BTC stays above the moving averages and key support levels, a move toward $110,000 is possible. However, keep an eye on a potential retest of $94,000 for confirmation.
Let me know if you’d like further assistance or adjustments!
DYOR. NFA
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