Bitcoin- Are new ATHs still on the horizon in the near term?

6 באפר׳

Since reaching the recent all-time high (ATH) near 74k in mid-March, BTCUSD has corrected to the 61k zone support and has begun consolidating thereafter.
Despite significant volatility over the past three weeks, the overall outlook remains predominantly bullish, offering reassurance to medium to long-term holders.

Furthermore, upon examining the daily chart, it becomes evident that this consolidation is gradually narrowing, forming a symmetrical triangle, which typically signals continuation. Additionally, following the breach below the interim support at 68k on Tuesday, the subsequent reversal has resulted in a Morning Star candlestick formation, while yesterday's NFP report provided further evidence of bullish momentum with a Pin Bar candle.

At the time of writing, the price has returned to the 68k median level, showing determination to retest the 70k mark once more. To confirm a new upward trend, bulls will require stabilization above 71k, at which point, the measured target for the triangle pattern around 80k comes into focus.

My bullish stance persists as long as the price remains above the 62k zone.

7 באפר׳

הערה

Bulls managed to elevate the price above 68k median line that we've spoken about and now are testing the resistance of the triangle.
On the weekly chart, we have a clear indication of buying over with a long-tailed candle 2 weeks ago and, again one this week.
Price should accelerate to the upside once 70k zone is cleared once again.