The 4 technical signals that point to an imminent Bitcoin breakout…as early as this week!
- Bitcoin’s price has been in a consolidation pattern since it notched its all time high of $73,750 back on March 14, 2024. That’s 11+ weeks of consolidation, more than the ideal minimum of 8 weeks.
- It has formed a beautiful cup and handle pattern on its candlestick chart:
- After 2+ weeks of a descending 50 day moving average (DMA) line , this weekend it started to ascend again. Cannot stress the importance of an ascending 50 DMA.
- The Bollinger Bands on its chart are tightening:
So there you have it…Not one but 4 technical patterns that tell me Bitcoin is on the verge of an upside breakout!
Best~
karim
DISCLAIMER: I am not a licensed broker or securities dealer. All postings made here are strictly for my personal record keeping and in no way, shape or form, am I even remotely suggesting others to follow my Buy and Sell moves. Trading options is not for the faint of heart as one’s portfolio can move up, or down 10%-50% or more during a single trading day, so trade with extreme caution. Past performance is no guarantee of future results.
Full Disclosure: I own options in the stocks of companies mentioned in my posts.