Bitcoin / TetherUSUpdated #BITCOIN ⟶ CRITICAL BREAKOUTS!!
💎#BITCOIN / ⏱4-Hour Timeframe
‼️With the start of the new month (September), the monthly pivots have been updated, and importantly, the price has encountered the monthly pivot (57877.92) from above as a support level.
✅This support is not the only one that #BITCOIN has encountered, and the high of the bearish channel and the lower arm of the wedge should also be added to the supports.
✅So here we have a high density of supports.
‼️On the other hand, divergence based on the MACD indicator is evident.
🚀As a result, based on encountering these supports, the closest growth condition can be considered as breaking the upper arm of the wedge on the 4-hour timeframe.
🎯If the mentioned growth condition is met, BITCOIN can reach the following targets:
🚀Target 1: 59778.50
🚀🚀Target 2: 62335.77 (suggested)
🚀🚀🚀Target 3: 66755.85
✅Conversely, if instead of breaking the wedge pattern upwards, it can re-enter the bearish channel and a valid breakout occurs, #BITCOIN will continue its decline from this point and reach the following targets:
🔻Target 1: Midline of the channel
🔻🔻Target 2: Bottom of the channel
🔻🔻🔻Target 3: 50096.07
‼️With the start of the new month (September), the monthly pivots have been updated, and importantly, the price has encountered the monthly pivot (57877.92) from above as a support level.
✅This support is not the only one that #BITCOIN has encountered, and the high of the bearish channel and the lower arm of the wedge should also be added to the supports.
✅So here we have a high density of supports.
‼️On the other hand, divergence based on the MACD indicator is evident.
🚀As a result, based on encountering these supports, the closest growth condition can be considered as breaking the upper arm of the wedge on the 4-hour timeframe.
🎯If the mentioned growth condition is met, BITCOIN can reach the following targets:
🚀Target 1: 59778.50
🚀🚀Target 2: 62335.77 (suggested)
🚀🚀🚀Target 3: 66755.85
✅Conversely, if instead of breaking the wedge pattern upwards, it can re-enter the bearish channel and a valid breakout occurs, #BITCOIN will continue its decline from this point and reach the following targets:
🔻Target 1: Midline of the channel
🔻🔻Target 2: Bottom of the channel
🔻🔻🔻Target 3: 50096.07
Trade closed: target reached
Hi Guys✌️
✅The previous post confirmed growth based on the breakout of the wedge and divergence on the 4-hour timeframe, right at the dense support area
✅Subsequently, it successfully hit the first target (59661.30)🤩💰
🔥Important note: Due to the weekly candle closing pattern, the first target is a significant resistance level and passing through it is challenging‼️
🔻A decline could start from this area!!
👀I will discuss this in detail in today's update🤞
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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.