BTC has been on a crazy upside rally without a cool-off period! The momentum had gotten weak, and bearish divergences were visible on many timeframes, but despite that, BTC was putting in new ATHs! Now, it seems like the bearish divergences are playing out, and the price is cooling off! This is much needed in order to maintain a healthy uptrend!
Currently, the price is shaping into a bullish inverse head-and-shoulders pattern. If it manages to break above the neckline, the target we are looking at is $76.250!
Multiple indicators are signaling that we're poised for a significant rise above the current price levels. Furthermore, some indicators hint that we're still in the early phases of the altcoin market's development!
Where we are now:
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68k is the level to break!
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The price will likely go back down to 63.6k before Monday
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The H&S pattern i still very valid!
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The H&S pattern i still very valid!
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Watch This!
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There is currently a CME gap at 64k!
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Very strong weekly close from the bulls! We could go down to fill the CME gap at 63.6k and then go back up. CME gaps tend to get filled most of the time, so 63.6k is a level to watch!
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It seems like it has broken the Neckline! Let's if bulls can push the price higher!
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On our way to 76k !!!
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Bearish divergence on lower timeframes playing out atm
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What's happening now happened during the last bull run, when BTC was about to break a new ATH! A new post will be up soon!
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Textbook Bull flag formation! If it breaks to the upside, we are eying 74k!
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Broke the bull flag to the upside! Let's see if it got the momentum to continue higher!