Overview: 🎁👇🎁
The current BTC market suggests a potential upward trajectory towards 74K. Despite recent bearish pressure, bulls have successfully defended the 65K support level and reclaimed the 66.8K resistance. A flag breakout pattern is still in play, reinforcing the bullish sentiment. Key support levels at 64.3K and the upsloping trendline are crucial for maintaining the bullish momentum. A successful monthly close above 67.5K is essential for a potential November ATH. However, a breakdown below 58K could invalidate this bullish outlook.
Key Points:
• Bullish Momentum: Bitcoin has been showing strong bullish momentum, with buyers quickly stepping in to support price levels above 66.8K.
• Flag Breakout Potential: A flag breakout is still a possibility, which could further fuel the upward trend.
• November ATH Target: The overall market sentiment points to a potential rally towards 74K, potentially reaching new all-time highs in November.
Support and Resistance Levels:
• Key Monthly Close Level: 67,540
• 2024 Resistance Trendline: Currently around 67,700
• Major Support: 64,312 and the upsloping support trendline
Note: While a pullback to 64K is possible, the overall outlook for Bitcoin remains bullish. As long as the 58K support level holds, the potential for a significant price increase in the coming months remains high.
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