Following a brief scuffle between bulls and bears, the Bitcoin price finally broke through the consolidation. The star crypto formed the daily highs above $66,000 while trying hard to sustain above the levels as the bears are utilising all their strength to restrict the rally. While the price displayed huge chances of maintaining a sideways trend after the halving, without being impacted by the event, the weekend breakout revived the hopes for a bullish continuation.
The BTC price formed a triple-top pattern and was largely believed to break the lower neckline at $60,000. The bulls again managed to f**l the bears and triggered a strong reversal, which now flashes huge bullish signals. This breakout was a result of excessive contraction and accumulation. However, in the larger timeframe, the price continues to trade within a bullish influence, which has been validated by the recent rebound.
Having said that, is this a confirmation of a continuation to $80,000?
Soon after the RSI displayed a bullish divergence with a rebound from the 38.71 range, the price gained some strength. This offered a bullish confirmation and a confirmed path towards $75,000 initially, but the actual target at $80,000. Luckily, the whales showed interest soon after the rebound, which intensified the uptrend. Currently, the bull run appears to be on its way but the BTC price needs to sustain above $66,000 for the rest of the month.
As the price soared above the crucial resistance at $63,800, the probability of forming a new ATH above $75,000 became pretty clear. However, the bears appear to have remained stationed within the range between $71,300 and $73,800. As a result, the bulls have constantly failed to break above the strong barrier. Hence, the BTC price is believed to maintain a healthy ascending consolidation towards the highs.
While the dropped volume raises some concerns, the bulls wait for a breakthrough in the crucial range, beyond which the buying volume may intensify, leading to an uninterrupted bull run towards $100K.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed