Long

"Is Bitcoin's Bullish Surge About to Ignite?"

Updated

#BITCOIN UPDATE

In the daily view, Bitcoin (BTC) did something really good. It closed a day with a strong candle above the 28.2 K resistance. This is a positive sign, and now that 28.2k level, which was causing problems before, is now supporting BTC's price.

Looking ahead, the next barrier BTC might face is around 29.7 K. And if BTC wants to climb even higher, it will have to overcome the tougher challenges at 31.4k to 31.8k.

Now, let's explore different timeframes to get a better understanding of where Bitcoin is headed.

Let's have a look at the shorter time frame

BTC soared to new heights, backed by robust volume, following its triumphant breakout from the symmetrical triangle. Yet, even in the face of such exhilarating momentum, it met a formidable adversary in the form of past high resistance.

The story, however, doesn't end there. The future holds two potential narrative twists: a successful retest of the symmetrical triangle, bringing with it a sense of déjà vu, or a resolute surge through the horizontal resistance. In either scenario, the script points toward the emergence of a bullish trend, ushering in exciting prospects in the world of cryptocurrency.

In the WEEKLY time frame
In the bigger picture, Bitcoin (BTC) is still grappling with a couple of tough opponents: the 200MA and the 100MA. These are like strong barriers in our path. To move in a more positive direction, we need to successfully overcome these MAs and also the horizontal resistance, which is another challenge. This is a crucial moment that will determine where BTC is headed next. Keep an eye out for exciting updates as we navigate this adventure!

After analysing BTC at different different times IMO we can see a rally towards 30.1K to 32K level

This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.

Thank you

Note

BTC has made an exciting move, breaking free from the confines of the ascending triangle pattern on the 8-hour chart, accompanied by a noteworthy surge in trading volume. This breakout devoured all available upward buying power.

At the moment, we're witnessing a retest as the price hovers above the triangle's boundary. The stage is set for a potential bullish rally as long as the price maintains its position above the triangle. However, if the price slips back within the triangle's boundaries, it's more likely to continue a period of consolidation within the triangular pattern.

The cryptocurrency world is abuzz with anticipation, waiting to see which path BTC will tread next!

Note

#BTC remains above the support zone and concluded the daily candle positively.

The current price action suggests an upward movement, with the possibility of a wick fill or a clean retest of the resistance zone around $29,800.

The cryptocurrency market is ever-evolving, offering intri
guing prospects for those following the journey. 🚀

Note

There are approximately 7 hours left before the closure of this 3-day BTC candle. It is of paramount importance that we achieve a closing price above the significant green line, which acts as a key resistance. The reason for this importance lies in the significant implications it carries for the immediate future.

If we successfully close this candle above the mentioned resistance, the next substantial obstacle we'll encounter is at , a level of strong resistance. Overcoming this resistance could pave the way for a direct move towards the level.

The cryptocurrency community is eagerly awaiting the outcome of this candle closure. It marks a crucial moment in our journey, with potential adventures and challenges on the horizon. Stay tuned for further updates as we continue to navigate the ever-exciting realm of cryptocurrency!

Note

Exploring Potential Support at 28k: Let's dive into the world of cryptocurrency analysis with a focus on the Short-Term Holder (STH) cost basis based on UTXO Age Bands, seeking insights into whether the 28k range could serve as robust support for the market.
🟩 Short-Term Realized Price: We begin by examining the Realized Price (RP) of STH within various age cohorts, ranging from 0 days to 6 months, which collectively constitute 26.52% of the total market cap. Cohorts with a UTXO age of less than a week, contributing a mere 3.27%, were omitted due to their similarity to the spot price.
🟦 1-Week to 1-Month Cohort:
RP: 27.18kDominance: 4.42%
🟧 1-3 Months Cohort:
RP: 27.83kDominance: 7.54%
🟨 3-6 Months Cohort:
RP: 28.31kDominance: 11.29%
📰 The combined dominance of these three cohorts amounts to 23.25%, with a weighted average RP of 27.94k. This intriguing figure closely aligns with the current price of 28.24k, underlining its potential significance.
🎯 Key Takeaways: 🔹 Transition from Resistance to Support? Since mid-August, the 28.2k level has proven to be a formidable support zone, with the spot price consistently hovering below it. The recent rally on 10/16 suggests the possibility of a Support-Resistance (SR) flip. Notably, the STH cost basis of 27.9k from our analysis indicates that the shift from Resistance to Support could be underway.
🔹 The Ebbing Influence of STH: While the STH cost basis offers insights, it's essential to recognize that their impact has waned recently. The Realized Cap dominance of 0d-6m Age bands has diminished from 29.7% at the end of August to 26.3%. This decline may be attributed to market fluctuations. Moreover, the 1-3 Months🟧 cohort's significant decrease in dominance over the past six weeks signals a degree of market apathy. Conversely, the 3-6 Months🟨 cohort has been steadily increasing for four months, indicating a rising trend of STH transitioning to Long-Term Holders (LTH).

Note

#BTC looks good in the daily time frame!
BTC broke this important resistance and now it's become a support.

The next substantial obstacle we'll encounter is at , a level of strong resistance. Overcoming this resistance could pave the way for a direct move towards the level.

what are your thoughts on this chart guys?

#crypto #Bitcoin

Note

As anticipated, Bitcoin (BTC) has indeed rebounded from its support at 28,300k. Following a technical pattern analysis, we can anticipate a 12% upward movement from this point. However, it's worth noting that we have a local resistance at 30k, and a more substantial resistance zone ranging from 31,200 to 31,800.

Stay tuned I will keep updating.

#Crypto #Bitcoin

Note

Going well as expected.
The ascending triangle pattern is playing out well.

Note

#BTC is still below this 30k resistance!
BTC needs to clear this 30k resistance for more further upside move!

CRYPTOMOJO_TA

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