BTC Nears Critical Resistance in Ascending Triangle Formation
Current Scenario:
Bitcoin (BTC) is approaching a critical level as it forms an ascending triangle on the 4-hour chart. The price is moving towards a strong resistance zone between 61.5K and 62.5K, following a clear upward trendline. This pattern often signals a potential continuation of the bullish trend, but BTC is now at a key decision point.
Bullish Scenario:
If BTC can break through the strong resistance with significant volume, we could see a strong upside move. This breakout could lead to new highs, with the previous resistance zone likely becoming strong support after a brief retracement. Volume will be a crucial factor to confirm the breakout.
Bearish Scenario:
However, if BTC gets rejected at this resistance level, it could lead to a downside move. A rejection might cause BTC to break below the upward trendline, leading to further declines. This would indicate a shift in market sentiment, potentially pushing BTC to lower support levels.
Key Levels to Watch:
Strong Resistance: 61.5K to 62.5K
BTC's reaction at this level will be pivotal for determining its short-term direction.
However with UnTrade's in house mathematically robust algorithms like BARS which can be a safe haven for those investors/traders looking to generate some systematic returns over their portfolio without having to manually open positions. Join our platform to have exclusive access to these sound algorithms.
Bitcoin (BTC) is approaching a critical level as it forms an ascending triangle on the 4-hour chart. The price is moving towards a strong resistance zone between 61.5K and 62.5K, following a clear upward trendline. This pattern often signals a potential continuation of the bullish trend, but BTC is now at a key decision point.
Bullish Scenario:
If BTC can break through the strong resistance with significant volume, we could see a strong upside move. This breakout could lead to new highs, with the previous resistance zone likely becoming strong support after a brief retracement. Volume will be a crucial factor to confirm the breakout.
Bearish Scenario:
However, if BTC gets rejected at this resistance level, it could lead to a downside move. A rejection might cause BTC to break below the upward trendline, leading to further declines. This would indicate a shift in market sentiment, potentially pushing BTC to lower support levels.
Key Levels to Watch:
Strong Resistance: 61.5K to 62.5K
BTC's reaction at this level will be pivotal for determining its short-term direction.
However with UnTrade's in house mathematically robust algorithms like BARS which can be a safe haven for those investors/traders looking to generate some systematic returns over their portfolio without having to manually open positions. Join our platform to have exclusive access to these sound algorithms.
Website - untrade.io/
Twitter- twitter.com/untrade_io
Telegram- t.me/Untrade_official
linkedin- linkedin.com/showcase/untrade/
Binance copy trading - linke.to/bars-copy-trade
Twitter- twitter.com/untrade_io
Telegram- t.me/Untrade_official
linkedin- linkedin.com/showcase/untrade/
Binance copy trading - linke.to/bars-copy-trade
Website - untrade.io/
Twitter- twitter.com/untrade_io
Telegram- t.me/Untrade_official
linkedin- linkedin.com/showcase/untrade/
Binance copy trading - linke.to/bars-copy-trade
Twitter- twitter.com/untrade_io
Telegram- t.me/Untrade_official
linkedin- linkedin.com/showcase/untrade/
Binance copy trading - linke.to/bars-copy-trade
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