Bitcoin began to pump after Jerome Powell's speech and the possibility of interest rate cuts.
⚠️First of all, I must say that we must always keep up with the news and new events in the market, and all the analyses will never be correct; otherwise, there is no need for capital management, so we should always follow capital⚠️
Bitcoin seems to have managed to break the Resistance zone ($58,500-$57,000), 200_SMA(Daily), and 50_SMA(Daily).
Regarding Classic Technical Analysis, the Bitcoin pump has invalidated the Rising Wedge pattern. The Rising Wedge pattern is a Reversal Pattern; if it Fails, it will become a Continuation Pattern.
According to the theory of Elliott waves, Bitcoin seems to be completing the main wave 4, and the structure of the main wave 4 can be a Contracting Triangle.
I expect Bitcoin to rise to at least $65,000 after breaking the upper line of the Contracting Triangle.
Note: Wave 4's structure is likely to change; overall, I expect the maximum correction or end of wave 4 to be at the Support zone.
Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰.
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