Overview: 🎁👇🎁
The current BTC market suggests a potential upward trajectory towards £74,000. Despite recent bearish pressure, bulls have successfully defended the £65,000 support level and reclaimed the £66,800 resistance. A flag breakout pattern is still in play, reinforcing the bullish sentiment. Key support levels at £64,300 and the upsloping trendline are crucial for maintaining the bullish momentum. A successful monthly close above £67,500 is essential for a potential November ATH. However, a breakdown below £58,000 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 £66,800.
• 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 £74,000, 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 £64,000 is possible, the overall outlook for Bitcoin remains bullish. As long as the £58,000 support level holds, the potential for a significant price increase in the coming months remains high.
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