Trading Analysis: Bitcoin Break Out! Bullish Until $48,000?
Tradingview2024/01/03 06:59
By:FieryTrading
Over the last couple of weeks I've been posting a lot of analyses on
Bitcoin's bull-flag pattern. My expectation was always that the price would break out through the top resistance, with a target of 48k.
As of this morning, BTC has rallied hard on bullish ETF news. The break out is strong with a lot of volume, so 48,000$ seems imminent at this point.
Why 48k you ask? Well, it's the strongest resistance area before the all-time high. If the bears will fail to defend 48k, chances are were going straight to new all-time highs. For now I'm bullish untill 48k, neutral at 48k, and bullish again if we manage to break through 48k.
To all patient bulls: congratulations. The trend is your friend. But be wary, the bears might be lurking at 48k.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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