Bitcoin price action is showing potential for upward momentum as it trades within a bullish pattern. Moreover, the crypto’s price is holding above the Moving Average ribbon support, indicating a potential for further upward movement.
Mags, a top crypto analyst, provided a detailed analysis of Bitcoin’s price action, highlighting signals and patterns that suggest continued bullish behavior.
BTC’s Bullish Patterns and Support Levels
According to Mags, Bitcoin is trading within a descending broadening wedge pattern, which is typically bullish and mostly precedes a breakout to the upside. The price of Bitcoin is holding above the MA ribbons, which consist of multiple MA lines.
#Bitcoin is currently trading within a descending broadening wedge, with the price holding above the MA ribbon support. The hash ribbons have also printed a buy signal. The short-term pullback in BTC resembles the last instance when the ribbons turned green. The price… pic.twitter.com/Q55MszMVx7
— Mags (@thescalpingpro) August 1, 2024
These ribbons provide strong support, suggesting that Bitcoin is positioned for an upward trend. Besides, Mags highlighted the significance of the hash ribbons, a technical indicator used to identify miner capitulation and recovery.
According to the chart analysis, the hash ribbons have printed buy signals at several points over the past year. Additionally, each signal historically is followed by a notable price increase after a short period of consolidation and a V-shaped recovery. This pattern indicates a strong bullish trend for Bitcoin soon.
Short-Term Pullback and Accumulation Opportunities
The analysis by Mags also noted a short-term pullback in Bitcoin’s price, resembling previous instances when the hash ribbons turned green. In these cases, the price dipped immediately after the buy signal, followed by consolidation and a subsequent recovery.
This pattern suggests that the pullback lately could be an opportunity for accumulation, anticipating a V-shaped recovery. Moreover, Bitcoin’s price is holding above the $60,000 level.
Mags emphasized that as long as the price remains above this $60k support dips should be considered buying opportunities. The analysis indicates that maintaining this support level is key to sustaining the bullish momentum and achieving further price appreciation.
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Positive Outlook for Bitcoin
Hence, Bitcoin is trading within a bullish descending broadening wedge pattern, supported by the MA ribbons and reinforced by hash ribbon buy signals. The short-term pullback and consolidation phase align with historical patterns, suggesting a potential V-shaped recovery.
All in all, as long as Bitcoin maintains its position above the $60k support level, the overall trend remains bullish. Besides, Mags encourages to consider dips as buying opportunities, anticipating continued upward movement in Bitcoin’s price.
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