ITS ALL MAGIC WHEN YOU UNDERSTAND BITCOIN
The simplicity of this chart can provide the necessary and correct information for future prediction.
The analysis incorporates the utilization of ascending channels, denoted by red markings, which typically exhibit a bearish pattern that frequently experiences breakdowns. Additionally, a horizontal pattern, indicated by orange markings, has been shown to also undergo breakdowns. Conversely, the examination includes the identification of descending channels, represented by green markings, which have demonstrated a tendency for price increases in most instances.
I have delineated the multi-year support line in blue and the resistance line in the same color. It is noteworthy that the termination point of the blue triangle coincides precisely with the commencement of the Bitcoin halving event on April 26th, 2024. Within the context of the primary resistance and support level, I have delineated black lines to demarcate the respective resistance and support areas. It is evident that we currently find ourselves at a highly pivotal juncture, as the aforementioned black support line assumes a paramount role. Failure to sustain this support line could potentially lead to a subsequent test of the descending channel support, and in the event of further failure, a decline to the $19000 level may ensue.
In the bullish scenario, the desired outcome entails the realization of the descending channel pattern, wherein the top green line resistance of the channel is breached. Subsequently, the price is expected to reach and surpass the $28000 level, ultimately breaking through the $32000 level.
The analysis provided aims to enhance understanding of the future trajectory and significance of the bitcoin halving event.
The analysis incorporates the utilization of ascending channels, denoted by red markings, which typically exhibit a bearish pattern that frequently experiences breakdowns. Additionally, a horizontal pattern, indicated by orange markings, has been shown to also undergo breakdowns. Conversely, the examination includes the identification of descending channels, represented by green markings, which have demonstrated a tendency for price increases in most instances.
I have delineated the multi-year support line in blue and the resistance line in the same color. It is noteworthy that the termination point of the blue triangle coincides precisely with the commencement of the Bitcoin halving event on April 26th, 2024. Within the context of the primary resistance and support level, I have delineated black lines to demarcate the respective resistance and support areas. It is evident that we currently find ourselves at a highly pivotal juncture, as the aforementioned black support line assumes a paramount role. Failure to sustain this support line could potentially lead to a subsequent test of the descending channel support, and in the event of further failure, a decline to the $19000 level may ensue.
In the bullish scenario, the desired outcome entails the realization of the descending channel pattern, wherein the top green line resistance of the channel is breached. Subsequently, the price is expected to reach and surpass the $28000 level, ultimately breaking through the $32000 level.
The analysis provided aims to enhance understanding of the future trajectory and significance of the bitcoin halving event.
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