Bitcoin Breaks Out of 7-Month Consolidation, Targets 86K

Bitcoin (BTC) has finally broken out of its 7-month long consolidation zone, signaling a potential bullish trend. The recent upward impulse leg and the strong close of the last weekly candle suggest a strong buying momentum.

Key Points:

* Breakout: Bitcoin has successfully broken above the 200-day consolidation zone.

* Psychological Resistance: The market has tested the significant psychological level of 80,000.

* Potential Pullback: A pullback to the 50% level of last week's candle range is possible.

* Upside Target: The next resistance level is at 86,000.

Technical Analysis:

The chart displays a clear upward trend with a well-defined support and resistance levels. The recent breakout from the consolidation zone confirms the bullish sentiment. However, it's important to monitor for potential pullbacks as the market may need to consolidate before continuing its upward journey.

Trader's Perspective:

Traders who missed the initial breakout can consider buying on a potential dip towards the 50% retracement level. It's crucial to use stop-loss orders to manage risk.

Disclaimer:

This analysis is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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