3.25 One ring within another! Pay attention to Bitcoin’s breakthrough pattern this week! Don't miss it!
Bitcoin made a correction and fluctuated over the weekend, starting a triangle convergence trend. Then from last night to early morning, the price directly broke through the triangle convergence pattern. The price broke through directly upward. At the current position, the price has rebounded to a maximum of around 67600, but it is obvious, as shown in the figure. , there are many resistance positions at previous highs not far above the price. If the price wants to continue to rise, it must break through these resistance positions.
In fact, I predicted two price trends in the last article. The first one is that the price will rise directly after breaking through the trend line. However, after the price breaks through, it does not start an upward trend. I now think that more of them are the ones that broke through before. It's the weekend, and generally the market rarely appears during the weekend.
The second trend previously predicted is that the price will continue to fluctuate, but after the shock, the price will still be bullish, and the low point of the correction will continue to rise, which shows that the power of buying during the correction is constantly increasing. Now it seems that the price is going to follow the second trend that I thought before, but the fluctuation time is much shorter than I thought. It just takes a triangle convergence pattern and then breaks through directly.
Of course, the question now is whether it can successfully break through the resistance, so now we cannot directly say that the second trend predicted before will not continue to occur, because if the upper limit continues to be blocked and pulled back, then I think the price will move towards the second trend I predicted before. As for the trend, the price will still fluctuate, but after the shock, it will still be bullish.
Unless the price falls below the last lower support position we were optimistic about before, which is the support near 61,000.
Then the current situation can also continue to look at a larger triangle convergence pattern. You can see that the price has now broken through the previous small triangle convergence pattern, as shown in the figure, but it is still at the upper trend line of the larger triangle convergence pattern. encountered resistance.
This larger triangle convergence pattern does not seem to have come to an end yet. There is still a chance to pull back for a while and then continue to rebound. If such an opportunity arises, you can wait for the opportunity to step back from the bottom trend line of this large triangle convergence pattern. .
This seems to be a better entry position for those who have not yet boarded the bus. Alternatively, you can continue to wait for this large triangle convergence pattern to break through before considering getting on the bus!
