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Weekly Bullish Formation Looks For 15% Gains In Bitcoin; know Here

Weekly Bullish Formation Looks For 15% Gains In Bitcoin; know Here

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Posted 5 seconds ago

Bitcoin bulls took a breather today. In the previous session, the price was zoomed by 10%. Continuation of the upward momentum requires more purchase share. At press time, BTC/USD is trading at $21,607, down 0.27%.

  • Bitcoin price is consolidating near higher levels in anticipation of further upside confirmation.
  • A weekly close above $22,000 would strengthen bullish prospects.
  • This would be another winning week.

Bitcoin price is consolidating

After falling more than 70 percent, Bitcoin finally formed a bottom. The trend is expected to turn from falling to rising if the given condition is met.

On the weekly time frame, Bitcoin formed a bullish “Cypher Harmonic” pattern. A cypher pattern is an inverted formation within the class of harmonic patterns. Cypher formation often occurs a trend phase from the market and appears as a terminal movement. This means that after the formation ends, the market should reverse.

The risk-benefit ratio of this model is very high. Expected upside can be expected near $36,000.

Another pattern formed by BTC is the “double bottom”. In November 2021, BTC price tested an all-time high of $69,000 and subsequently declined from there. Since then, Bitcoin has been in a downward spiral, bottoming out in June 2022. Investors shed 73% of their holdings.

However, the bulls managed to hold this support level for the last three months. It is now quite clear that the Low made on June 13, 2022 is strong from now on and has also become a bottom.

Bitcoin rose over 10% yesterday as a flood of volume transactions flows into the market. the flagship currency is likely to stop at higher levels, forming an Inside candle. If the price starts to move above today’s highs, we can enter a buy trade.

Also read: http://How Elon Musk’s deflation warning affects crypto

The closest support is at ($19,600), while the most immediate resistance is around ($22,600). There is a higher probability that the price will break its resistance near higher levels. But if any chance price tends to approach its support and we’ve seen a rejection there with increasing volumes, we can buy from there as well”Buy as a dip” opportunity.

On the other hand, a break below the $19,500 level could nullify the bullish outlook. And the price can test $18,000

Bitcoin is bullish on all timeframes. Closing above $21,700 hourly, we can put the trade on the buy side.

Rekha has started as a Forex market analyst. Let’s analyze basic news and their effect on market movements. Later, develop an interest in the fascinating world of cryptocurrencies. Market monitoring through technical aspects. Researching chain analysis to monitor the market.

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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