Bitcoin Breaks Out: Bullish Momentum Builds Above Key Levels

9 Haz

Hello guys!

The chart of Bitcoin reveals a significant bullish breakout, characterized by two key technical developments:

Broken Ascending Channel:
Bitcoin was trading within an ascending parallel channel, gradually making higher highs and higher lows. This channel was recently breached to the downside, suggesting a temporary weakening in momentum.

False Breakdown and Strong Reversal:
Despite the initial breakdown from the channel, Bitcoin swiftly reversed and surged upwards, reclaiming previous support levels with strong bullish candles. This “fake-out” move often traps bears and reinforces bullish sentiment.

Trendline Breakout:
More notably, BTC has broken above a descending trendline, which had acted as a resistance zone. This breakout, backed by strong volume and momentum, indicates a shift in market structure from consolidation to potential expansion.

Projected Upside Target:
Based on the breakout projection drawn on the chart, the next major resistance appears near the $109,600 level. This aligns with the upper purple dashed line, which may represent a historical resistance zone or a Fibonacci extension.

10 Haz

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