#BITCOIN'S NEXT MOVE ⟶ CUP OR WEDGE?!
Updated
💎Bitcoin Analysis- ⏱4-Hour Timeframe
💰#Bitcoin managed to grow and hit its first target (61112.2) after breaking the monthly resistance (57877.90) on a daily timeframe (based on my previous analysis)🚀
🔴Following the realization of the first target, it started an erosive decline within a 15-minute timeframe bearish channel (see figure)🔻🔻
🧐Considering the breakout of monthly resistance, the main growth target has not been achieved yet. Consequently, #Bitcoin could experience further growth✅🚀
✌️There are two scenarios for continued bullish movement (although other scenarios are possible that I won't address for now)👇
1️⃣Scenario 1: If the decline doesn't deepen further and its recent 15-minute timeframe bearish channel breaks upwards, #Bitcoin could continue its growth by forming a cup pattern (see figure).
2️⃣Scenario 2: If the decline deepens, the bullish trend-line of the recent move on the 15-minute timeframe could be the location for forming the next bottom and restarting growth. In this case, it would likely grow based on an rising wedge pattern.
🎯Subsequent Growth Targets:
🚀 Target 1: 61640.70-61885.40 range
🚀🚀 Target 2: 63461.30-64149.35
🚀🚀🚀 Target 3: 66755.85
❌Stop-loss for Growth Scenario and Entering a bearish Phase: If #Bitcoin breaks the 57877.90 support on a daily timeframe, the stop-loss for growth scenarios is activated and the trend changes from bullish to bearish📈 📉
🌟(Important support levels for #Bitcoin in case the stop-loss for the growth scenario is activated are marked in the figure (in red))
💰#Bitcoin managed to grow and hit its first target (61112.2) after breaking the monthly resistance (57877.90) on a daily timeframe (based on my previous analysis)🚀
🔴Following the realization of the first target, it started an erosive decline within a 15-minute timeframe bearish channel (see figure)🔻🔻
🧐Considering the breakout of monthly resistance, the main growth target has not been achieved yet. Consequently, #Bitcoin could experience further growth✅🚀
✌️There are two scenarios for continued bullish movement (although other scenarios are possible that I won't address for now)👇
1️⃣Scenario 1: If the decline doesn't deepen further and its recent 15-minute timeframe bearish channel breaks upwards, #Bitcoin could continue its growth by forming a cup pattern (see figure).
2️⃣Scenario 2: If the decline deepens, the bullish trend-line of the recent move on the 15-minute timeframe could be the location for forming the next bottom and restarting growth. In this case, it would likely grow based on an rising wedge pattern.
🎯Subsequent Growth Targets:
🚀 Target 1: 61640.70-61885.40 range
🚀🚀 Target 2: 63461.30-64149.35
🚀🚀🚀 Target 3: 66755.85
❌Stop-loss for Growth Scenario and Entering a bearish Phase: If #Bitcoin breaks the 57877.90 support on a daily timeframe, the stop-loss for growth scenarios is activated and the trend changes from bullish to bearish📈 📉
🌟(Important support levels for #Bitcoin in case the stop-loss for the growth scenario is activated are marked in the figure (in red))
Trade closed: target reached
Hi👋
✅Yesterday's analysis was spot on, and #Bitcoin grew according to the cup and handle pattern👌
🚀Target 1 of 61640.68-61885.42 was achieved✅🎯
⁉️Did you take your profits⁉️
Note
✅The second target of yesterday's bullish scenario for #Bitcoin was achieved💰
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