Potential MEGA move to Re-test 69k

Welcome back, traders!

Bitcoin presents a significant Cup and Handle pattern, previously discussed in a livestream. The breakout beyond the Neckline marks completion of the Handle, now serving as immediate support and demand.

Our observations denote two potential Bitcoin movements, A and B:

Scenario A: Sustained support at the Handle's target zone may prompt an upward rally. Immediate resistance stands at 48k-50k.

Scenario B: Rejection from the 48k-50k resistance might initiate a correction towards the Neckline, a critical support zone around 31k.

Both scenarios remain possible, and ongoing updates will track market developments.

Your engagement via likes and comments greatly motivates our analysis.

Thank you for your attention.

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Bitcoin (BTC) has consistently honored the support level established by the recent Cup and Handle formation, with the Handle's target serving as a steadfast foundation.

The integrity of this support is crucial for the continuation of BTC's bullish momentum.

As delineated on the accompanying chart, if the support persists, we can anticipate an upward thrust to finalize the progression of sub wave 5.

We should monitor the $40,000 price zone vigilantly. This level has emerged as a pivotal threshold for Bitcoin's short-term price action. A sustained position above this mark could catalyze a significant rally, while any breach below it might necessitate a reassessment of the bullish outlook.

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This is super incredible, our last update push about 7% move on Bitcoin, congratulations to those that follow it.

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Bitcoin still enrouting wave 4 to 5.
Price making mini sub wave iv-5 of sub wave 1 of big wave 4-5

Comment:

Hello, here's a quick update:

Bitcoin appears to be under pressure, but the price is still holding within a critical range. It's possible that we are currently within sub wave iv to v, as indicated on the chart.

The recent drop may be part of the formation of a minor sub wave 2 before the onset of minor sub wave 3.

It's crucial to closely monitor the current range, as a close below $40,265 could signal weakening bullish momentum.

Any movement below this range should be approached with caution.

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It's happening with strong bounce.

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The current view still remian valid until price break 40k zone. We should keep our attention on 40k zone.

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The bearish momentum in the Bitcoin market has intensified since reaching the 44k zone.

Our immediate support and demand level remains at 40k, but we anticipate a deeper pullback to liquidate some buyers towards the 37k area.

The key support level is around 34k, and a further break below this level could indicate a potential trend reversal.

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Great reaction again from our handle target.

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We are still holding. Always remember the importance of 40k zone. For now it is acting like 31k level.

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Happy mood guys.

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We are still waiting for the CUP target.

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Trade closed: target reached

Trade closed: target reached