Bitcoin Weekly Bull Setup : Double Bottom Pattern Emerging
#Bitcoin❗ #BinanceSquareFamily #bullrun2024📈📈 #BinanceEverywhere #btc70k
Bitcoin is showcasing a promising **double bottom pattern** on the **weekly timeframe**, indicating potential bullish momentum.
Key Insights :
-Breakout : Last week, Bitcoin broke out of a **6-month consolidation phase**, a significant milestone for the asset.
- Upcoming Events : With the **Non-Farm Payroll (NFP)** data approaching this week, traders are advised to remain vigilant.
Trading Strategy :
- Buy Positions : I will be looking for **buy opportunities** during price retracements.
- Fibonacci Levels : A **Fibonacci retracement** has been applied, highlighting **$62,000** as an ideal entry point for long positions.
Market Outlook
This setup could signal a robust recovery for Bitcoin if the price behaves as anticipated.
Conclusion
In summary, the formation of a double bottom and breaking out of a prolonged consolidation phase provides a bullish outlook for Bitcoin. Traders should consider monitoring retracement levels carefully, particularly around **$62,000**, for potential entry points.
Stay prepared and happy trading!