Bitcoin shows strong endurance, passing through several important levels of resistance and advanced technical patterns despite the decline of the general cryptocurrency market, leading to a decline in the renewal of the upward movement of BTC.
Bitcoin Gets a Key Breakout from a Bullish Pattern
Bitcoin’s recent breakthrough from the Broadening Wedge pattern may increase the prospect of a potential rally for BTC as crypto analyst and trader, Mags. points in this case it is formed as a key indicator of rising pressure. This particular breakout is important and could fuel the rally given the long-term formation.
An expanding wedge formation forming an expanding wedge-like shape is a key technical pattern that shows a trend of higher and lower resistance and increasing support levels. Large price swings are often preceded by this pattern, which is defined as an uptrend to waver and price volatility.
According to market experts, the flagship digital asset has been appearing on the positive side of all high time frame patterns since it dropped to the $15,000 mark, followed by a strong upward movement.
He emphasized that BTC created an extension of the pattern in the past few months, and broke out again, indicating strong bullish momentum. As BTC breaks through key resistance levels, Mags’ prediction suggests that the crypto asset may be ready a big climb.
In another X postedMags predicted a big leg for Bitcoin, revealing a potential spike of $350,000. Mags foresees a move to the level as BTC appears to be building large Head and shoulders patternan optimistic indicator of rising momentum.
His prediction suggests that in the event that the pattern is confirmed, the above explosion will cause the beginning of a large increase in the price of BTC, which shows his confidence in its strength in the short term.
As market sentiment continues to grow, traders and investors are closely watching Bitcoin’s movements to confirm bullish formations to position themselves ahead of the much-anticipated price increase.
BTC falls below 3-month highs
BTCThe price fell below a 3-month high of $67,000 today. This drop comes after the digital asset failed to break above the $70,000 level earlier this week, indicating the possibility of further declines. Furthermore, this recent decline may be due to a change in investor sentiment as they approach profit-taking following the week-long rally.
It is worth noting that BTC has been rallying since March of this year. However, there is still strong confidence about the coming rally that some analysts are predicting the assembly phase lays the foundation for the next big leg up.
Featured image from Unsplash, chart from Tradingview.com
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