π Bitcoin Price Action β Bullish Breakout in Play! π₯
πΉChart 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.
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.
β Support & Resistance Levels:
Support: The 84,150 β 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.
β 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.
β 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.
πΉConclusion & Trading Strategy: π Watch for strong volume confirmation above 84,300 for potential long trades. π Bulls need to push above 85,000 for further continuation. π If BTC dips below 83,700, caution is advised as the pattern could invalidate.
π Bitcoin Price Action β Bullish Breakout in Play! π₯
πΉ 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.
πΉ Key Observations:
β 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.
β Support & Resistance Levels:
Support: The 84,150 β 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.
β 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.
β 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.
πΉ Conclusion & Trading Strategy:
π Watch for strong volume confirmation above 84,300 for potential long trades.
π Bulls need to push above 85,000 for further continuation.
π If BTC dips below 83,700, caution is advised as the pattern could invalidate.
#BTC #Bitcoin #Crypto #TechnicalAnalysis π