Bitcoin just breached the descending trendline for a breakout buy.

Bitcoin has started its bullish momentum and trend and is going to be continue going up. The support level drawn here is at the price of 38400 which needs to print a bullish confirmation price action which will then continue its course. The market has formed the double bottom at the support level. Once it taps the support level again. The structure formation is higher highs and higher lows.

The trendline is ascerting the support rejection at the price action. This means, it should continue going up.

There is no retracement level  is at 61.8% which confluences with the support level.

The EMA 50 is still bullish and the market is tapping the price action as the building up of the support, which will continue its course towards the upper side.

RSI is at 66. It needs to break above the 50 level and then retest at the 50 level with the confluence of other technical parameters.

Bitcoin buys from support retest

Dec 02 2023

Pending

Published 284d ago

56729.66

Current price

38355.49

Entry price