đ Bitcoin â 1H Analysis
In my Proprietary Strategy, I discussed yesterdayâs potential breakout of a falling wedge pattern.
The chart shows exactly that. Bitcoin broke out of the top of the bullish pattern and moved towards the CME gap.
However, as a reversal pattern, the target is above 64kâmost likely at the top of the long-term channel (~66.5k).
But hereâs the thing: The breakout wasnât driven by high volume. To see further price gains, we need two things to happen:
* A higher high on the 1H chart (>60.8k)
* Increased volume drives the price spike
đ Bitcoin â 1D Analysis
Yesterdayâs bullish price action doesnât change much about the long-term outlook. While Bitcoin created a nice bullish engulfing candle, itâs simply moving within its sideways channel.
Furthermore, the downtrend based on VMA is still valid. Similar to previous days, 60/61k is the level to watch in terms of bullish momentum.
DYOR! #Write2Win #Write&Earn $BTC