$BTC BTC has formed a bullish flag pattern on the weekly timeframe. For a strong bullish confirmation, we need to wait for a decisive breakout above the flag’s resistance trendline.
Until this breakout occurs, we may witness further price consolidation or movement below the resistance level, as the asset builds momentum for a potential upward move. Patience is key while waiting for confirmation of this pattern.
After the breakout and subsequent retest of the critical support/resistance (S/R) level, BTC experienced a notable upward momentum, signifying bullish sentiment in the market.
The breakout confirmed a shift in market dynamics, turning the previous resistance into a robust support zone. As long as BTC continues trading above this horizontal support, further upward movement is anticipated, with bullish continuation patterns likely to emerge.
Currently forming inverse head and shoulders pattern, the right shoulder is going to bottom out here around 130, the first target is the neckline, around $160. 💹
Broken from above of the falling wedge as we predicted, retested the 0.618 Fibonacci retracement, we will go down from here, or we will go up until 63200 and dump from there.
The price action of $BTC on the H4 timeframe is playing out the expected pattern. 📈 After holding the support region, the price action is bouncing back and is on track to fill the upper side of the candle imbalance. This could indicate further upward momentum if the support holds.