Bitcoin is bullish on its 1D technical outlook (RSI = 65.624, MACD = 4011.100, ADX = 25.476) but not overbought anymore as the aggressive weekly rallies since the 1W MA50 rebound have been decelerated. The next heavy obstacle is the HH trendline that runs on top of the January 20th 2025 and December 16th 2024 Highs and got hit last week. So far the price hasn't crossed above it but it needs to urgently in order to avoid a rejection with snowball effects.
The last time Bitcoin faced a similar HH trendline Resistance was on the October 23rd 2023 1W candle and it succesfully smashed through it, completing a +79.23% rise before consolidating again. If it breaks again above it, we expect the same minimum rally, which gives us a TP = 133,500.
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The last time Bitcoin faced a similar HH trendline Resistance was on the October 23rd 2023 1W candle and it succesfully smashed through it, completing a +79.23% rise before consolidating again. If it breaks again above it, we expect the same minimum rally, which gives us a TP = 133,500.
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Telegram: t.me/investingscope
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Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.