#BITCOIN'S NEXT MOVE ⟶ CUP OR WEDGE?!
💎Bitcoin Analysis- ⏱4-Hour Timeframe
💰#Bitcoin managed to grow and hit its first target (61112.2) after breaking the monthly resistance (57877.90) on a daily timeframe (based on my previous analysis)🚀
🔴Following the realization of the first target, it started an erosive decline within a 15-minute timeframe bearish channel (see figure)🔻🔻
🧐Considering the breakout of monthly resistance, the main growth target has not been achieved yet. Consequently, #Bitcoin could experience further growth✅🚀
✌️There are two scenarios for continued bullish movement (although other scenarios are possible that I won't address for now)👇
1️⃣Scenario 1: If the decline doesn't deepen further and its recent 15-minute timeframe bearish channel breaks upwards, #Bitcoin could continue its growth by forming a cup pattern (see figure).
2️⃣Scenario 2: If the decline deepens, the bullish trend-line of the recent move on the 15-minute timeframe could be the location for forming the next bottom and restarting growth. In this case, it would likely grow based on an rising wedge pattern.
🎯Subsequent Growth Targets:
🚀 Target 1: 61640.70-61885.40 range
🚀🚀 Target 2: 63461.30-64149.35
🚀🚀🚀 Target 3: 66755.85
❌Stop-loss for Growth Scenario and Entering a bearish Phase: If #Bitcoin breaks the 57877.90 support on a daily timeframe, the stop-loss for growth scenarios is activated and the trend changes from bullish to bearish📈 📉
🌟(Important support levels for #Bitcoin in case the stop-loss for the growth scenario is activated are marked in the figure (in red))
💰#Bitcoin managed to grow and hit its first target (61112.2) after breaking the monthly resistance (57877.90) on a daily timeframe (based on my previous analysis)🚀
🔴Following the realization of the first target, it started an erosive decline within a 15-minute timeframe bearish channel (see figure)🔻🔻
🧐Considering the breakout of monthly resistance, the main growth target has not been achieved yet. Consequently, #Bitcoin could experience further growth✅🚀
✌️There are two scenarios for continued bullish movement (although other scenarios are possible that I won't address for now)👇
1️⃣Scenario 1: If the decline doesn't deepen further and its recent 15-minute timeframe bearish channel breaks upwards, #Bitcoin could continue its growth by forming a cup pattern (see figure).
2️⃣Scenario 2: If the decline deepens, the bullish trend-line of the recent move on the 15-minute timeframe could be the location for forming the next bottom and restarting growth. In this case, it would likely grow based on an rising wedge pattern.
🎯Subsequent Growth Targets:
🚀 Target 1: 61640.70-61885.40 range
🚀🚀 Target 2: 63461.30-64149.35
🚀🚀🚀 Target 3: 66755.85
❌Stop-loss for Growth Scenario and Entering a bearish Phase: If #Bitcoin breaks the 57877.90 support on a daily timeframe, the stop-loss for growth scenarios is activated and the trend changes from bullish to bearish📈 📉
🌟(Important support levels for #Bitcoin in case the stop-loss for the growth scenario is activated are marked in the figure (in red))
Trade closed: target reached
Hi👋
✅Yesterday's analysis was spot on, and #Bitcoin grew according to the cup and handle pattern👌
🚀Target 1 of 61640.68-61885.42 was achieved✅🎯
⁉️Did you take your profits⁉️
Note
✅The second target of yesterday's bullish scenario for #Bitcoin was achieved💰
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.