Bitcoin Channel Breakout!
2024-10-21

BTCUSDT has finally broken and closed above the downward channel that has been forming since May. This move, when viewed in the bigger picture, resembles a bullish flag pattern, typically a trend continuation signal. We've seen a similar pattern recently in the gold market. After such breakouts, it's common for the market to lose some momentum and produce a pullback to retest the channel border and upward trendline.

Additionally, the price action is forming an AB=CD pattern, with the completion point expected around 72,000. This setup offers a strong opportunity for continued bullish movement. The target is the resistance zone around 72,500