The Question is: How Far Bitcoin can Rise?
Amidst prevalent market fears of a significant Bitcoin price drop, today's analysis aims to delve into the price perspective and probabilities for a substantial decline. Our focus on the 3D chart draws attention to the critical 30k psychological supply zone, convincingly breached by buyers amidst heavy buying pressure. This initial breakthrough presents an immensely bullish signal for the BTCUSDT pair.
What's paramount is the observation since November 2022, with Bitcoin's movement confined within an ascending channel. This week witnessed a breakthrough above the channel's upper boundary, further validating positive price action for Bitcoin.
As a result, we anticipate BTC to sustain its upside rally before a substantial corrective move downward. The immediate and robust resistance level to monitor lies around the $47.2k area, historically known as a significant supply and demand zone during 2021-2022. Presently, it stands as a double Fibonacci resistance zone, likely to magnetize the price.
This analysis points to a persistently bullish outlook for the crypto market, especially favoring multiple altcoins poised to outperform Bitcoin significantly in the coming weeks.
What's paramount is the observation since November 2022, with Bitcoin's movement confined within an ascending channel. This week witnessed a breakthrough above the channel's upper boundary, further validating positive price action for Bitcoin.
As a result, we anticipate BTC to sustain its upside rally before a substantial corrective move downward. The immediate and robust resistance level to monitor lies around the $47.2k area, historically known as a significant supply and demand zone during 2021-2022. Presently, it stands as a double Fibonacci resistance zone, likely to magnetize the price.
This analysis points to a persistently bullish outlook for the crypto market, especially favoring multiple altcoins poised to outperform Bitcoin significantly in the coming weeks.
Comment:
Here is an update
Comment:
💸Ah, Bitcoin—the rollercoaster of the crypto world! Hold onto your seats, because we've hit our upside target, signaling an impending adventure on the downward slope. But don't reach for that panic button just yet! We're not diving straight down; this correction's like a slow dance—it might take a while before we groove to the downside beat.
💸Picture this: weeks, perhaps even months, of BTC consolidation. It's like the calm before the storm, the preparation phase before the big show. And guess what? Bitcoin might just throw in a few surprise moves to the north before bidding adieu to its current trajectory.
💸Here’s the thrilling part: we’ve entered the supply zone. This isn't just any area—it's where the action happens. Brace yourself because this is where things get intriguing. The price dynamics here are about to get seriously captivating.
💸So, buckle up, folks! We're in for a ride filled with anticipation, some suspense, and yes, a pinch of volatility. But that's what makes this crypto world so thrilling, right? Stay tuned because this Bitcoin saga is about to get even more exhilarating!
💸Picture this: weeks, perhaps even months, of BTC consolidation. It's like the calm before the storm, the preparation phase before the big show. And guess what? Bitcoin might just throw in a few surprise moves to the north before bidding adieu to its current trajectory.
💸Here’s the thrilling part: we’ve entered the supply zone. This isn't just any area—it's where the action happens. Brace yourself because this is where things get intriguing. The price dynamics here are about to get seriously captivating.
💸So, buckle up, folks! We're in for a ride filled with anticipation, some suspense, and yes, a pinch of volatility. But that's what makes this crypto world so thrilling, right? Stay tuned because this Bitcoin saga is about to get even more exhilarating!
Trade closed: target reached
