🟩 Technical Analysis: Bitcoin (BTC)
🔹 Current Price: Approximately $92,786
🔸 Overall Trend: Bullish
📈 Key Technical Indicators:
Chart Pattern: Breakout from a "Falling Wedge" pattern that lasted for four months, indicating the beginning of a strong upward wave.
Moving Averages:
The price has exceeded the 200-day moving average, reinforcing the bullish trend.
The 20 and 50-day moving averages indicate positive momentum.
Relative Strength Index (RSI): Above 50, indicating strong upward momentum.
📊 Important Technical Levels:
Resistance:
$95,000: Strong resistance based on Elliott Wave analysis.
$100,000: Important psychological level; breaking it could push the price towards $107,000.
Support:
$85,000: Strong support aligning with recent breakout levels.
$76,000: Potential accumulation area for long-term investors.
🧠 Recommendation:
Bitcoin shows strong technical signals for continuing the bullish trend. Recent breakouts and surpassing key moving averages support this scenario. However, it is advisable to monitor the mentioned resistance levels and manage risks appropriately.
