BITCOIN ahead of a major bullish break-out with 90k target
Bitcoin (BTCUSD) broke today forcefully above the 1D MA50 (blue trend-line) and marginally broke above the top (Lower Highs trend-line) of the Triangle pattern since July.
With buying pressure coming aggressively after the 2nd rebound on the 1W MA50 (red trend-line) in just 1 month, if a 1D candle closes above the Lower Highs, we will have a strong break-out buy signal for the rest of the year at least.
In that case, we see the emergence of a Channel Up similar to the one that preceded March 2024, as a real possibility to test the 6-month Resistance Zone before the U.S. elections, then technical pull-back going into the event and then resuming the uptrend for the rest of the year.
The Target can be at least the 2.0 Fibonacci extension level at $90000.
But what do you think? Can this potential Lower Highs break-out be the golden ticket to break out of this 6-month consolidation? Feel free to let us know in the comments section below!
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With buying pressure coming aggressively after the 2nd rebound on the 1W MA50 (red trend-line) in just 1 month, if a 1D candle closes above the Lower Highs, we will have a strong break-out buy signal for the rest of the year at least.
In that case, we see the emergence of a Channel Up similar to the one that preceded March 2024, as a real possibility to test the 6-month Resistance Zone before the U.S. elections, then technical pull-back going into the event and then resuming the uptrend for the rest of the year.
The Target can be at least the 2.0 Fibonacci extension level at $90000.
But what do you think? Can this potential Lower Highs break-out be the golden ticket to break out of this 6-month consolidation? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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