$BTC To Smash $100k: Reversal Rally Eyes Triangle Breakout

Rising from the latest retest around $93,540, Bitcoin has acquired upward momentum. Rising above a local support trendline, the BTC price is probably going to swing towards the $100,000 milestone.

With its market value of $96,191 right now, Bitcoin suggests a possible morning star pattern. Will this reversal pattern help BTC price to reach $106,000 levels? Allow us to learn.

BTC Price Aiming Rising Triangle Breakout

From the level of $106,000 barrier, the BTC price trend on the daily chart shows a bearish reversal. This fall-off has retested a short-term support trendline producing an ascending triangle pattern.

Usually seen as positive, the ascending triangle pattern causes a breakthrough rally. At now, the reversal from the support trendline suggests a possible retest of the overhead ceiling close to $106,000.

But before this important milestone, Bitcoin encountered a major challenge close to $100,000. Psychologically speaking, the $100,000 level has given many points of support and reversal during the previous several weeks.

With 0.61% in intraday recovery in Bitcoin right now, three negative days point to a bullish candle. This suggests possible morning star pattern close to the support trendline.

BTC Price Aimed at

Usually seen as a reversal pattern, the morning star pattern gives a bullish reversal established close to a significant region of interest more validity. Supporting the potential possibilities, the MACD indicator shows the MACD and signal lines just about in a bullish crossing.

Should BTC surpass the 50% projection level, this important obstacle is valued at $98,499. Beyond this, should Bitcoin reach the $100,000 barrier, it is probably going to rise without any problems.

Should a triangle breakout rally occur, Fibonacci sets BTC price objectives between $110,000 and $115,000. Conversely, important support levels beneath the support trendline at $90,000 and $94,277.

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