Bitcoin has been trading within a Descending Broadening Wedge pattern for the past six months, as noted by crypto analyst Captain Faibik. According to his tweet, the BTC’s price is consolidating within this pattern, encountering resistance around the $69k to $70k level.
This resistance has proven difficult for the bulls to break, with multiple failed attempts in recent months. However, Captain Faibik suggests that this resistance may be weakening, increasing the likelihood of a successful breakout.
$BTC Nothing has Changed yet..!!Bitcoin has been consolidating within a Descending Broadening Wedge for the past 6 Months.Breaking through the $69-70k Crucial Resistance level is essential for the bulls.In the last 4-5 attempts, Bulls have failed to clear this level, but… pic.twitter.com/hVyGwd6Tgt
— Captain Faibik (@CryptoFaibik) August 29, 2024
Technical Analysis: Key Levels and Market Sentiment
The pattern, characterized by diverging trendlines, signals a potential reversal. Bitcoin has respected the lower trendline, which serves as support during downward movements, while the upper trendline represents a crucial resistance point.
The $69k to $70k level remains a formidable barrier, yet repeated tests have weakened it, potentially setting the stage for an upside breakout.
Captain Faibik highlights that a successful breakout could propel Bitcoin’s price to $100,000 in Q4. This prediction is based on the technical weakening of the resistance and the increasing bullish sentiment.
Strategic Considerations for Traders and Holders
For traders, Captain Faibik advises caution, particularly regarding leverage trading. The volatility near key resistance levels could lead to amplified losses if Bitcoin faces another rejection. Therefore, those involved in leverage trading should exercise prudence.
Long-term Bitcoin owners, however, are urged to maintain their optimism and patience. The waning resistance points to the possibility of a strong bullish trend, which implies that the Bitcoin bull run may be about to happen.
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Awaiting a Decisive Breakout
In conclusion, Bitcoin is at a critical point as it continues to consolidate within the Descending Broadening Wedge. The resistance level at $69,000 to $70,000, though formidable, shows signs of weakening, increasing the probability of a breakout.
Should this occur, Bitcoin could reach the highly anticipated $100,000 mark in Q4, marking a milestone for the crypto
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