11.19 Bitcoin Breakthrough Begins Fluctuation! Will There Be Further Increases?
Bitcoin's current price is around 91300. In yesterday's analysis, we mentioned that Bitcoin was forming a converging triangle at the top. Subsequently, Bitcoin made an upward breakthrough, which aligns with our bullish expectations.
We believe that after Bitcoin breaks through the upper trend line of this triangle, it will initiate an upward trend, leading to a new round of rising prices this week. However, we have also observed that after the breakthrough, there was an immediate pullback, but the pullback did not lead to an immediate drop, and instead, Bitcoin began a relatively large fluctuation in the area just broken through.
However, it is clear that the converging triangle we previously drew has not been broken by Bitcoin's current downward trend line. Currently, Bitcoin's price has still maintained a rising low point. If we disregard the upper trend line of this triangle, we can see that Bitcoin is still in an upward fluctuating trend.
So although the expected explosive increase did not occur, I believe there is also no downward trend. Furthermore, Bitcoin's price is still above ninety thousand, maintaining a high position in a horizontal fluctuation. Under these circumstances, I believe there are significant bullish opportunities.
This means that the price could break through at any moment since it is at a relatively high position. Once it breaks through, it can quickly reach a new historical high. This would completely change the technical structure, and after the breakthrough and new high, the majority could follow suit, and a surge could commence.
Therefore, I believe there is still hope for an increase. At the same time, everyone should pay attention to the situation of the bottom trend line. Once it is broken, please be aware of the risks!
