BitcoinLong
**Bitcoin Daily Chart Analysis: Potential Pullback Ahead**
Bitcoin’s daily chart shows a strong bullish trend after breaking out of a descending channel, now trading within a new ascending channel. The price is currently above both the 100-day and 200-day SMAs, indicating solid upward momentum. However, Bitcoin is nearing the upper boundary of this channel, suggesting a potential pullback could be on the horizon. Key support levels to watch are the 100-day SMA and the channel's lower boundary. If these hold, Bitcoin could resume its uptrend. A breakout above the upper channel line, however, might signal a new rally. Stay tuned to see if Bitcoin holds these crucial levels!
Upper Boundary of Ascending Channel: This is the immediate resistance, as Bitcoin is approaching the top of the channel. A breakout above this could signal continued bullish momentum.
Psychological Level at $80,000: If Bitcoin breaks above the channel, $80,000 is a key psychological resistance level to watch.
Upper Boundary of Ascending Channel: This is the immediate resistance, as Bitcoin is approaching the top of the channel. A breakout above this could signal continued bullish momentum.
Psychological Level at $80,000: If Bitcoin breaks above the channel, $80,000 is a key psychological resistance level to watch.
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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.