Bitcoin It is showing strong resilience, breaking several key resistance levels and bullish technical patterns despite the bearish swing in the overall cryptocurrency market, slowing BTC’s renewed upward move.
Bitcoin is seeing a major breakout from a bullish pattern
Bitcoin’s recent breakout from an expanding wedge pattern may raise hope for a potential bullish rally for BTC, says cryptocurrency analyst and trader, Mags. points For this formation as Main indicator Of upward momentum. This particular breakout is crucial and could fuel the rally given the long formation period.
The Expanding Wedge formation, which forms a broadening wedge-like shape, is a major technical pattern that shows a channel with high and low resistance and expanding support levels. This pattern is often preceded by a significant shift in prices, which is defined as a rally Volatility and price fluctuations.
According to the market expert, the leading digital asset has consistently shown on the positive side of each higher time frame pattern since bottoming at the $15,000 mark, followed by a strong move to the upside.
He emphasized that Bitcoin has created an expanding wedge pattern over the past few months and has pushed to the upside again, indicating strong bullish momentum. With BTC crossing important resistance levels, Mags’ diagnosis suggests that the cryptocurrency asset may be poised for Big boom.
In another X mailMags predicted a big rally for Bitcoin, anticipating a potential rise to the $350,000 price tag. Mags expects to move to a level where BTC appears to be forming a huge block Head and shoulders patternIt is an optimistic indicator of upward momentum.
His forecast indicates that if the pattern is confirmed, a breakout above could trigger the beginning of significant growth in Bitcoin prices, demonstrating his confidence in its short-term potential.
As market sentiment continues to build, traders and investors are closely monitoring Bitcoin’s movement to further validate the bullish pattern in order to position themselves ahead of the long-awaited price rise.
BTC drops below 3-month high
BitcoinToday’s price fell below a 3-month high of $67,000. This decline comes after the digital asset failed to surpass the $70,000 level earlier this week, indicating the potential for further decline. Furthermore, this recent decline may be attributed to a shift in investor sentiment as they move towards profit taking following the week-long rally.
It is worth noting that BTC has been consolidating since its all-time high in March of this year. However, there is still strong confidence about the upcoming rise with some analysts predicting that… The consolidation phase lays the foundation for the huge leg coming up.
Featured image from Unsplash, chart from Tradingview.com