🚀 Bitcoin Price Action – Bullish Breakout in Play! 🔥

🚀 Bitcoin Price Action – Bullish Breakout in Play! 🔥

🔹 Chart Overview:
This is the 1-hour BTC/USDT perpetual contract chart from Binance. We can see that Bitcoin recently formed a bullish pennant pattern after a strong upward move. The price has now broken out of the pattern, indicating potential continuation to the upside.

🔹 Key Observations:
✅ Bullish Pennant Breakout:

• The pattern shows higher lows and lower highs, forming a converging triangle structure.

• BTC has successfully broken above the upper trendline, suggesting bullish momentum.

• Volume confirmation is crucial for further upside movement.

✅ Support & Resistance Levels:

• Support: The 84,150 – 84,300 zone should now act as support after the breakout.

• Resistance: The next target levels for BTC are 84,700 and 85,400, with a possible continuation to 86,000.

✅ Bullish Scenario:

• If BTC sustains above 84,300, we could see strong bullish continuation.

• A break above 85,000 would trigger FOMO buying, leading to new local highs.

✅ Bearish Scenario:

• If BTC fails to hold above 84,300, we might see a pullback towards 83,700.

• A break below 83,500 could invalidate the bullish setup and shift momentum to the downside.

🔹 Conclusion & Trading Strategy:
📌 Watch for strong volume confirmation above 84,300 for potential long trades.
📌 Bulls need to push above 85,000 for further continuation.
📌 If BTC dips below 83,700, caution is advised as the pattern could invalidate.

#BTC #Bitcoin #Crypto #TechnicalAnalysis 🚀