#BTC: A BULLISH RETEST??
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Bitcoin is currently trading near the 61.6k level. Following a breakout from an ascending triangle, it's now retesting the triangle's resistance. The 200MA acts as additional support. A bounce from this retest is anticipated.
However, a failure to hold the retest level and a subsequent close back within the triangle would invalidate the bullish pattern. In this scenario, we could see a potential pullback towards the 56k-57k range.
Potential Targets:
Breakout: A successful breakout could lead to a rally towards
65K-68k.
Stronger Breakout: A more decisive breakout could target 70k-75k.
What are your thoughts on Bitcoin's current price action? Share your analysis in the comments!
Appreciate a like and follow if this analysis helps!
Bitcoin is currently trading near the 61.6k level. Following a breakout from an ascending triangle, it's now retesting the triangle's resistance. The 200MA acts as additional support. A bounce from this retest is anticipated.
However, a failure to hold the retest level and a subsequent close back within the triangle would invalidate the bullish pattern. In this scenario, we could see a potential pullback towards the 56k-57k range.
Potential Targets:
Breakout: A successful breakout could lead to a rally towards
65K-68k.Stronger Breakout: A more decisive breakout could target 70k-75k.
What are your thoughts on Bitcoin's current price action? Share your analysis in the comments!
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