Bitcoin (BTC) technical analysis:
Trade setup: Bullish breakout from an Ascending Triangle pattern, above $38K resistance, signals resumption of uptrend with upside to $45K near-term and $50K medium-term. Price is getting overbought (RSI > 80!) and we could see some consolidation around $45K resistance area before continuing its upward path.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is
42K
, which it broke, then $45K.
Trade setup: Bullish breakout from an Ascending Triangle pattern, above $38K resistance, signals resumption of uptrend with upside to $45K near-term and $50K medium-term. Price is getting overbought (RSI > 80!) and we could see some consolidation around $45K resistance area before continuing its upward path.
Pattern: Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $38K (previous resistance), then $35K. The nearest Resistance Zone is
42K
, which it broke, then $45K.