Bitcoin back into upward channel again, make a fake breakdown✓
Technical analysis:
Welcome to this quick update everyone,
In Daily timeframe Chart, The bulls have pushed the price back into the wedge today. If the rebound sustains, the BTC/USDT pair could gradually move toward the overhead resistance zone of $50,000 to $50,500. A breakout and close above this zone will indicate the resumption of the uptrend.
The pair could then rise to the resistance line of the wedge where bears may again mount a stiff resistance. If the price turns down from this resistance, the pair may continue to rise inside the wedge.
A breakout of the wedge will signal a pick-up in momentum. That may result in a rally to $60,000.
The relative strength index (RSI) has broken below a symmetrical triangle pattern, indicating a marginal advantage to the bears but it aslo back into the symmetrical triangle again. shows bulls are upper hand ✋
If the price turns down from the current level and breaks below the moving averages, the pair may drop to $42,451.67.
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#bitcoin #crypto #nextmove #bullmarket #sideways #btcusdt #dailyclosed
Welcome to this quick update everyone,
In Daily timeframe Chart, The bulls have pushed the price back into the wedge today. If the rebound sustains, the BTC/USDT pair could gradually move toward the overhead resistance zone of $50,000 to $50,500. A breakout and close above this zone will indicate the resumption of the uptrend.
The pair could then rise to the resistance line of the wedge where bears may again mount a stiff resistance. If the price turns down from this resistance, the pair may continue to rise inside the wedge.
A breakout of the wedge will signal a pick-up in momentum. That may result in a rally to $60,000.
The relative strength index (RSI) has broken below a symmetrical triangle pattern, indicating a marginal advantage to the bears but it aslo back into the symmetrical triangle again. shows bulls are upper hand ✋
If the price turns down from the current level and breaks below the moving averages, the pair may drop to $42,451.67.
🥰If you find this helpful and want more FREE forecasts in Tradingview😍.
Please show your support back🙏,
Hit the 👍 LIKE button,
Drop some feedback below in the comment✍️!
❤️🤝 Your Support is very much 🙏 appreciated!❤️🤝
💎 Want me to help you become a better Crypto trader?
Now, It's your turn!
Be sure to leave a comment; let me know how you see this opportunity and forecast.
Trade well, 💪
#bitcoin #crypto #nextmove #bullmarket #sideways #btcusdt #dailyclosed
