Today I want to introduce to you the zone where Bitcoin is likely to start growing again.
If you look carefully at the weekly timeframe on the Binance exchange, you will notice that the support zone, which has now turned into a resistance zone, has been broken by a red candle with a long body and a lot of volume.
It is interesting to note that the candle of the first week of November 2022 has the large volume of all weekly candles ever created, so the breakout made by this candle is not expected to be fake.
It appears that Bitcoin is currently in a phase of pullback to the lost support zone, but according to the above, it is expected that Bitcoin will approach the heavy support zone in the coming weeks. The heavy support zone could be the end of this bear market or at least put a long-term stop to Bitcoin's decline.
🔆What can be the signs of the beginning of a 🐃Bull🐃 market?
1-View bullish reversal candlestick patterns into the heavy support zone and on the weekly or even monthly timeframe.
2-Breaking the downtrend line validly.
3-Breaking of the resistance zone validly.
4-Breaking the SMA 200 (Daily TF) validly.
Bitcoin Analyze ( BTCUSDT ), Weekly Timeframe ⏰.
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The pullback structure is in the form of an ascending channel