After analyzing the chart, I believe that price will continue its bullish cycle in the next few hours due to the formation of two key patterns: the Rising Wedge and the Rounding Bottom.
Rising Wedge:
The Rising Wedge is traditionally a bearish pattern, indicating a potential reversal or #breakdown . However, in certain cases, this pattern can break out to the upside in the short term, especially if the price is near the top of the wedge. As seen in this chart, the Rising Wedge could suggest a temporary bullish #breakout before the bearish pressure takes over. The breakout from this pattern often occurs due to bullish momentum pushing the price higher for a brief period.
Rounding Bottom:
The Rounding Bottom is a bullish pattern, indicating that the price has already started a recovery from a period of consolidation or decline. This pattern signals strength and momentum building after a #DownTrend , making it more likely that the current uptrend will continue. Since the Rounding Bottom is a reliable precursor to a sustained uptrend, it supports the idea that Bitcoinโs price will maintain its bullish cycle.
Conclusion:
The combination of the Rising Wedge and Rounding Bottom suggests that although there may be #Short-Term price fluctuations, the overall trend is likely to remain bullish. Traders should keep an eye on the breakout from the Rising Wedge for potential entry points, while respecting the longer-term bullish signal from the Rounding Bottom.
Follow your risk management and happy trading!
