BitcoinLong
BTCUSD - Channel BO - WKLY
The chart displays Bitcoin's price action (BTC/USD) over a weekly timeframe, suggesting a large channel BO.
Key insights:
1. **Resistance Zone**: Around ~$65,000, which acted as a historical peak during earlier bull runs.
2. **Breakout Target**:
- The measured move of ~$54,840.25 (approximately a 72.17% rise post-breakout) suggests a price target near **$131,176.66**.
3. **Volume**: Noticeable increase in volume during the breakout, signaling strong buying momentum.
4. **Current Price**: Bitcoin is trading near ~$107,367.64, consolidating above the breakout resistance.
The chart anticipates a bullish continuation toward the projected target (~$131,000) if the breakout holds, in line with historical price structure.
Key insights:
1. **Resistance Zone**: Around ~$65,000, which acted as a historical peak during earlier bull runs.
2. **Breakout Target**:
- The measured move of ~$54,840.25 (approximately a 72.17% rise post-breakout) suggests a price target near **$131,176.66**.
3. **Volume**: Noticeable increase in volume during the breakout, signaling strong buying momentum.
4. **Current Price**: Bitcoin is trading near ~$107,367.64, consolidating above the breakout resistance.
The chart anticipates a bullish continuation toward the projected target (~$131,000) if the breakout holds, in line with historical price structure.
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