Bitcoin | On the Cup of Major BREAKOUT..!! Long

Bitcoin / U.S. dollarBitstamp

Description

⋅ Oct 31, 2022 12:35 AM

Bitcoin has been in a Bearish Trendline Since November 2021. (+70% Down from ATH)

Seems like BTC is Bottomed out & on the CUSP of Massive Breakout 🫡

In Weekly timeframe Chart, Bitcoin is forming Falling Wedge which is Bullish Pattern.

Bitcoin Bulls need to Clear the 24.8k Major Resistance to Confirm the Breakout.

Weekly RSI is Still Moving Below the Major Trendline.

Remember that We're Still in Bearish Trend until #Bitcoin Break the 24.8K Trendline Resistance.

If bulls reclaimed the Resistance, Next BullRun Will Officially Start 🔥🚀

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Comments

Solldy

⋅ Oct 31, 2022 8:37 AM

I think that the time for such an idea has not yet come, but such a scenario is certainly worth building into your trading strategy in advance.

iv41879

⋅ Nov 1, 2022 7:37 AM

Looks like also that we should wait for 1W RSI breakout first as confirmation for possible price breakout and start of bull run...

iv41879

⋅ Feb 11, 2023 4:57 PM

@Faibik RSI breakup happened. I guess we just need to wait for more retrace, watch for price action around 20k and then buy for long term... let's see...

SwallowPremium

⋅ Oct 31, 2022 3:13 PM

This can happen, thanks for your awesome work!!

Cao-Coins

⋅ Oct 31, 2022 12:45 AM

Nice chart but I think BTC will touch the bottom trendline first maybe in the 14k-16k region before breaking up to the upside. Fed is still raising rates, recession is coming 2023. Macro looks terrible for a risk asset like this to be bullish. BTC will break out, no doubt but just not yet.