Lingrid | BITCOIN breaking through the Descending CHANNEL

The price perfectly fulfilled my last idea. It reached the target zone. On the 1H timeframe BTCUSDT saw a significant breakout as the price surged through the downward channel, ultimately closing above the strong resistance level at 65000. It appears that the bulls' momentum may be slowing down, as yesterday's upward move was substantial. The next potential barrier could be at 67000 or above. I expect a potential pullback before the market continues its upward trajectory. On the weekly timeframe, the price has broken through its previous two-week highs. Meanwhile, the daily chart reveals a large bullish candle, which has created a buying area between 63000 and 65000. I expect the price to move up to 69000. My target is the resistance zone at 67900.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

The price perfectly fulfilled my previous idea. We can say that recent breakout BTCUSDT above the downward channel is a profoundly bullish sign. The price has rebounded from the entry zone, which suggests that it may be forming a range-bound pattern. It's common for markets to consolidate after a period of intense momentum, as we're seeing here. Given the current setup, I think the price is likely creating a trend continuation pattern, potentially in the form of a triangle or bullish flag. With this momentum building, I expect the market to make a strong move upwards, potentially retesting the resistance at 69000 or higher. Furthermore, the small candle on the daily timeframe following the breakout of the high may serve as a trigger for further bullish momentum. My target is a resistance at 68000.