Bitcoin is showing a textbook descending triangle pattern, which is typically a bearish formation. However, there are key reasons to believe this setup presents a strong bullish opportunity:
Strong Support Zone: The chart indicates a clear support level around $59,000, which Bitcoin has tested multiple times. The more often a support level is tested without breaking, the stronger it becomes, increasing the likelihood of a bounce.
Bullish Divergence on RSI: The RSI indicator shows bullish divergence, where the price forms lower lows, but the RSI forms higher lows. This often suggests that the selling pressure is weakening and a reversal could be imminent.
Potential Breakout Target: If Bitcoin breaks out from this descending triangle, the target could be the height of the triangle added to the breakout point. This gives a potential upside target of approximately $70,000, providing a favorable risk-to-reward ratio.
Fundamental Strength: The macroeconomic environment is increasingly supportive of Bitcoin, with more institutions adopting it as a hedge against inflation. This fundamental backdrop provides additional confidence in a bullish breakout.
This trade setup combines technical and fundamental factors, making it a compelling opportunity to go long on BTCUSD.
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👋🏽 Hello, everyone!
I decided to start a marathon and increase my capital from 💲3 600 to 💲3 600 000.
I will be trading on sports in a manual format with stop loss and take profit.
⚠️All trade ideas are published with a time delay. If you want to follow the trade in real time, please follow the link to our open copy trading account on Binance.
👉Our account with open trading, and all our other resources at this link:
Strong Support Zone: The chart indicates a clear support level around $59,000, which Bitcoin has tested multiple times. The more often a support level is tested without breaking, the stronger it becomes, increasing the likelihood of a bounce.
Bullish Divergence on RSI: The RSI indicator shows bullish divergence, where the price forms lower lows, but the RSI forms higher lows. This often suggests that the selling pressure is weakening and a reversal could be imminent.
Potential Breakout Target: If Bitcoin breaks out from this descending triangle, the target could be the height of the triangle added to the breakout point. This gives a potential upside target of approximately $70,000, providing a favorable risk-to-reward ratio.
Fundamental Strength: The macroeconomic environment is increasingly supportive of Bitcoin, with more institutions adopting it as a hedge against inflation. This fundamental backdrop provides additional confidence in a bullish breakout.
This trade setup combines technical and fundamental factors, making it a compelling opportunity to go long on BTCUSD.
____
👋🏽 Hello, everyone!
I decided to start a marathon and increase my capital from 💲3 600 to 💲3 600 000.
I will be trading on sports in a manual format with stop loss and take profit.
⚠️All trade ideas are published with a time delay. If you want to follow the trade in real time, please follow the link to our open copy trading account on Binance.
👉Our account with open trading, and all our other resources at this link:
Trade active
I keep the deal open!Trade active
I keep the deal open!Trade closed: target reached
The long x5 trade has been closed. The profit is 83.65%.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.