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The #Bitcoin chart indicates that the price is nearing a potential breakout above the resistance line, which is currently around $62.7K. To confirm a breakout from this potentially significant falling wedge pattern on the daily timeframe, we need to see a solid daily candle close above that resistance. Ideally, this close should be above a previous high, such as the candle close around $64.2K. If we manage to break above $62,700 with a candle close above that level, then we can start to feel much more confident that we're actually transitioning towards a more bullish trend in the short term. In case you're wondering, the support line for this wedge is also around $57.5K and 100EMA as support as well.
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There is an continuing short-term bounce from the support level of around 2.9K. This level has repeatedly shown resistance. The wedge pattern following this bounce indicates resistance around 3K, with potential further resistance near 3.3K. To confirm a bullish trend reversal, a confirmed breakout above this resistance is necessary.
Once this breakout occurs, the bullish price target, around 4.1K, can be established, aligning with the top of the wedge pattern. As of now, this breakout has not yet happened.
🎯 Sell: 1) 0.0000287 2) 0.0000300 3) 0.0000320 4) 0.000035+ 🔴 SL: Hold in spot
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The market will come back to $60,000. If you are in good profit, you can book your profit. When the market comes down again, you will have the opportunity to buy again.
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