looking at Bitcoin in daily timeframe indicates that there are two important levels: 56,500 and 73,800
As long as #BTC is trading between these two levels, we'll be seeing a sideways market but sooner or later BTC must cross one of the mentioned levels! a classic look at the chart suggests that crossing below 56,500 level can potentially confirm the double top pattern and BTC can touch lower areas namely 42,000 - 43,000 zone while crossing above the 73,800 level can take BTC towards 90,000 channel.
it's also important to notice that an ascending trendline in BTC chart dating back to October 2023 was broken two weeks ago! but as long as BTC doesn't cross below 56,500 level, there's no need to worry.
As long as #BTC is trading between these two levels, we'll be seeing a sideways market but sooner or later BTC must cross one of the mentioned levels! a classic look at the chart suggests that crossing below 56,500 level can potentially confirm the double top pattern and BTC can touch lower areas namely 42,000 - 43,000 zone while crossing above the 73,800 level can take BTC towards 90,000 channel.
it's also important to notice that an ascending trendline in BTC chart dating back to October 2023 was broken two weeks ago! but as long as BTC doesn't cross below 56,500 level, there's no need to worry.
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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.