Bitcoin (BTC) technical analysis:
Trade setup: Bullish breakout from Channel Down pattern and above $28K resistance signals Uptrend resumption, with upside potential to $30K-$32K resistance zone.
Pattern: Price was trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend on Short-Term basis, Downtrend on Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is
25K
, then $21.5K. The nearest Resistance Zone is $28K, which it broke, then $32.0K.
Trade setup: Bullish breakout from Channel Down pattern and above $28K resistance signals Uptrend resumption, with upside potential to $30K-$32K resistance zone.
Pattern: Price was trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend on Short-Term basis, Downtrend on Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is
25K
, then $21.5K. The nearest Resistance Zone is $28K, which it broke, then $32.0K.