Ascending Triangle Points to Bullish Continuation
Intro
BTCUSDT gearing up for a significant move today, and I'm here to break down the potential price action. Over the weekend, BTC moved interestingly, closing the CME gap and aligning with the CME's close price as we stepped into Monday. With this setup, we're eyeing an imminent breakout.
Weekend Wrap-up and the CME Gap:
The weekend saw Bitcoin hovering below the CME gap, but as predicted, it pulled back to around the $52,160 mark by Monday. This retest sets us up for the next leg.
Ascending Triangle Formation:
On the charts, Bitcoin is carving out an ascending triangle, a classic continuation pattern hinting at a bullish outcome. Given the trend's bullish nature, I'm eyeing an upward move, with immediate targets set around $54,000. Should a bearish scenario unfold, which seems less likely now, support at $50,000 will be crucial.
ETF Flows and Market Reaction:
The Bitcoin ETF market dynamics play a pivotal role. Although ETF flow data is typically available the next day, I'll be the first to update on Twitter. These inflows can trigger the breakout, so stay tuned.
Liquidation Heatmap Update:
A staggering $1.2 billion in Bitcoin short positions has accumulated above the current price level. A break above $53,000 could trigger a massive squeeze, potentially propelling BTC towards and beyond $54,000.
Funding Rates and Market Sentiment:
High funding rates indicate a market leaning towards long positions, a sign of bullish sentiment. Though it also suggests caution as markets could be getting overextended. But in bull markets, this is common.
Technical Milestones:
Bitcoin's weekly close has confirmed above the critical 0.618 Fibonacci level, a bullish signal historically leading to robust bull markets. The next resistance to watch is between 57.5k to $58,000, my target for the next potential pullback.
Ethereum's Outlook and the Upcoming ETF:
ETHUSD is also worth your attention as its Spot ETF looms, set to debut in about 95 days. With a lower market cap than Bitcoin, inflows could have a more pronounced impact, making ETH a compelling trade in the coming months.
Remember, whether you're trading on the spot or futures, stay updated, and don't overextend your positions. Bitcoin is showing all the signs of a bull run, but as always, the markets can surprise us.
BTCUSDT gearing up for a significant move today, and I'm here to break down the potential price action. Over the weekend, BTC moved interestingly, closing the CME gap and aligning with the CME's close price as we stepped into Monday. With this setup, we're eyeing an imminent breakout.Weekend Wrap-up and the CME Gap:
The weekend saw Bitcoin hovering below the CME gap, but as predicted, it pulled back to around the $52,160 mark by Monday. This retest sets us up for the next leg.
Ascending Triangle Formation:
On the charts, Bitcoin is carving out an ascending triangle, a classic continuation pattern hinting at a bullish outcome. Given the trend's bullish nature, I'm eyeing an upward move, with immediate targets set around $54,000. Should a bearish scenario unfold, which seems less likely now, support at $50,000 will be crucial.
ETF Flows and Market Reaction:
The Bitcoin ETF market dynamics play a pivotal role. Although ETF flow data is typically available the next day, I'll be the first to update on Twitter. These inflows can trigger the breakout, so stay tuned.
Liquidation Heatmap Update:
A staggering $1.2 billion in Bitcoin short positions has accumulated above the current price level. A break above $53,000 could trigger a massive squeeze, potentially propelling BTC towards and beyond $54,000.
Funding Rates and Market Sentiment:
High funding rates indicate a market leaning towards long positions, a sign of bullish sentiment. Though it also suggests caution as markets could be getting overextended. But in bull markets, this is common.
Technical Milestones:
Bitcoin's weekly close has confirmed above the critical 0.618 Fibonacci level, a bullish signal historically leading to robust bull markets. The next resistance to watch is between 57.5k to $58,000, my target for the next potential pullback.
Ethereum's Outlook and the Upcoming ETF:
ETHUSD is also worth your attention as its Spot ETF looms, set to debut in about 95 days. With a lower market cap than Bitcoin, inflows could have a more pronounced impact, making ETH a compelling trade in the coming months.Remember, whether you're trading on the spot or futures, stay updated, and don't overextend your positions. Bitcoin is showing all the signs of a bull run, but as always, the markets can surprise us.
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