Investors in the cryptocurrency market are looking forward to a potential rise in the value of Bitcoin after strong technical analysis indicates a continued upward trend. The world's leading cryptocurrency has seen an impressive rise over the past two months, rising from $25,000 to $38,000. This upward trajectory is supported by high investor confidence and a period characterized by the absence of important news events that could negatively affect market sentiment.

Technical analysts have identified an inverted head and shoulders pattern on Bitcoin's 15-minute time frame, which is traditionally seen as an indicator of trend continuation. This pattern has led to expectations that Bitcoin may soon approach the minor resistance level of $37,185. If it crosses this limit, the next target is the key daily resistance level at $40,000.

A trading strategy has been suggested for those looking to capitalize on this momentum. It involves entering a long trade at the aforementioned minor resistance level of $37,185 while carefully placing a stop loss order at $36,272 to manage risk. The strategy sets multiple take profit levels set at $38,000, $39,000 and $40,000 over the next 1-3 weeks as part of a safe take profit approach.

Our recommended trading plan emphasizes a risk-reward ratio of 1:3. This means that for every potential dollar at risk, there is an opportunity to earn three profits. The maximum profit for this strategy is 7.5%, while the maximum loss is limited to 2.4%, making it an attractive proposition for traders who rely on technical analysis to make their market decisions. With these strategic points identified, investors and traders will be closely monitoring Bitcoin price movements in the coming weeks.

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