BITCOIN 40k
Hemilly Rodrigues
Web3 | Blockchain Analyst | Founder & CEO RXCO | Speaker | AI | NFTs | B2B.
Analysis of #Bitcoin's Rounding Bottom Pattern and Potential #Bullish Trajectory?Between June 2022 and March 2022, Bitcoin formed a distinctive rounding bottom pattern. Although the price was rejected when it retested resistance in May 2022 and April 2023, it created a descending channel that became the pattern handle. Crucially, Bitcoin broke the downtrend of the handle and experienced a rally, which led to the current testing of the resistance level that formed the top of the cup.
If Bitcoin can overcome the resistance level between $31,000-$32,000, the pattern's trajectory suggests that the cryptocurrency could reach $40,000. However, given the high time frame of this pattern, it's not an immediate outcome. Additionally, Bitcoin doesn't have to reach $40,000 for the pattern to be confirmed. Confirming the pattern's success would require Bitcoin to reach $37,000, which would provide further evidence of a bullish trend in the coming weeks.
Community, Growth & Marketing Lead at CoinDCX ?? ? 7+ Years in WEB3 Industry ? Driving Community Growth & Digital Innovation in Crypto
1 年??
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1 年Keep your eyes on the movement and trajectory..
Founder of FanFares.io
1 年Interesting chart there. The fundamentals do offer support for such a move! There seems to be some excitement about the spot etf.