I’ve been watching the Bitcoin Price Chart very closely for the last couple of months and especially after making my post Bitcoin Consolidation Almost Over just a month ago which was about the Flag Pattern that the Bitcoin price had been forming. I’ve been keeping a sharp eye on the $67K USD level because I think it’s about where the Resistance line is and while Bitcoin has made it though that level in the last week there hasn’t been the Momentum I’d normally expect for a confirmed Breakout. However, something else has happened that makes me optimistic…
Source
There is a common saying among Technical Analysts that often Resistance Becomes Support once it’s broken and in just the last 2 days we’ve seen the price come back to that Resistance level of the Flag Pattern and bounce slightly. It’s not entirely convincing but I think it’s quite possibly a soft confirmation that the Flag Pattern IS Broken and we are now much more likely to be going higher from here.
Personally I am now expecting a confirmation of this likely Breakout in the next few days. To me this would look like a sharp move through the $70K USD level and that could happen on a day where we see a 3-5% rally in the crypto markets across the board. A Confirmation Signal like that is quite likely to light a bit of a fire under the crypto markets as we head into the final months of 2024.
It’s definitely exciting times for crypto enthusiasts. I am finally comfortable that I’ve got my investment portfolio rebalanced to be ready for a potential Bull Market in 2025 and I think it’s not a day too soon. The Gold and Silver markets are also going really well at the moment but it’s crypto where I see the potential for some substantial medium term gains.
These days Tech analysis hardly works particularly in Gold and BTC. But there are defined levels in BTC which has worked quite well in 2024. I find 65k to 68 k is the tight range which BTC is playing out. It has been all set for a break out if it really wants to blast above 72k and decision trade above that figure. May be after 4th Nov we begin to see this.
Thanks.
One thing that surprises me is how you all read the chart
Is it truly possible for me to know what the next price is likely to be merely by looking at this chart?
Hope so things go same.
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