#Bitcoin: Is making rising wedge pattern!

Updated

In the daily timeframe, is currently exhibiting a rising wedge pattern If it goes as per the pattern, then technically, we can see a drop up to 35k.

50MA is working as a strong support level, with 42k and 40k as support.

For Bitcoin to become bullish in the long term, it needs to close a daily candle above the 44k resistance level.

There will likely be a period of consolidation within the designated zones until a definitive breakout or breakdown occurs.

LET'S MAKE IT SIMPLE
It is crucial to pay attention to the daily candle closings. A bullish scenario may be considered if there is a breakout and a close above the 44k resistance level. On the other hand, a breakdown below in the daily timeframe will confirm a bearish pattern.

#DYOR #NFA

Note

Update: No significant changes have been observed so far. The daily candle close is still below the resistance level, and in the short term, BTC's trading status remains near the resistance level.

As I mentioned earlier, we will only consider a bullish scenario if there is a break and close above the 44k resistance level in the daily timeframe. However, if there is a breakdown below in the daily timeframe, it will confirm a bearish pattern.

Stay tuned for further updates.
#Crypto

Note

Update:

BTC has closed the daily candle above 44K, indicating a potential bounce towards the 47K resistance. However, the chart shows that the rising wedge pattern is still valid. To invalidate this pattern, we need to close the daily candle above the lower trendline of the wedge.

Stay tuned for further updates.

#Crypto #DYOR

Note

#BTC UPDATE

BTC has invalidated the rising wedge pattern and is currently moving towards the 47K resistance level as expected. If BTC breaks above the 57K level, it is likely to bounce towards the upper trendline and make a new swing high.

Stay tuned I will keep updating.

#DYOR

Note

BTC UPDATE

BTC closed the daily candle above the 47k resistance.
So for now expecting a move toward the 50k level or the upper trendline.

Stay tuned I will keep updating

#DYOR

Note

#Bitcoin going well as expected,
next stop 50k🚀

Note

On the weekly timeframe for Bitcoin, we can see a long candle breaking the 47k resistance level and closing above it. In my opinion, this may drive the price through the next resistance zone at around $52,400. However, in the shorter timeframe, we may see a healthy retracement towards the 47k.

Stay tuned I will keep updating

Note

#BTC 50K DONE

Note

#Bitcoin update

BTC started facing resistance near the $50,000.
The price is expected to retest back into some sort of support zone around $48,500 and lower. Looking at the Daily TF, the price is already at a resistance point, so wait for a healthy correction.

Stay tuned I will keep updating

Note

#BTC UPDATE

BTC has broken out of its range and retraced back to the minor support area around $48,500, as previously mentioned. The price dropped following the release of CPI data. However, it has since bounced from the trendline while still maintaining its bullish structure. We expect a new high to be printed, as there is no clear indication of a downward movement.

Note

BTC's daily candle is still below 52k. In the shorter timeframe, BTC made its way to the upside as mentioned, as there wasn't much bearishness. However, the RSI is indicating a bearish divergence. Now, the price has tapped into a key level, and a retracement back to some sort of structural support or a strong support area is expected.

Stay tuned

#DYOR

CRYPTOMOJO_TA

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