BTCUSDT Breaks Free: End of Consolidation, Next Stop 100,000?
2024-10-30

Hey Realistic Traders,  let’s dig deeper into the analysis of  BINANCE:BTCUSDT  ! 

In the weekly timeframe, Bitcoin is in a bullish continuation phase, potentially marking the start of wave 5. It has also broken out of a  Descending Broadening Wedge  pattern that formed over more than half a year, signaling the end of a prolonged consolidation phase. Such breakouts from extended consolidation often confirm a continuation of the bullish trend. Additionally, the  MACD has shown a bullish crossover , indicating building momentum.

Based on these technical factors, we project a potential upside toward the target at 88,293. Upon reaching this level, a pullback to the green support zone of around 70,000 could occur before the price advances to a secondary target at 104,542.

 This outlook remains valid as long as the price holds above the stop-loss level at 56,930. 

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Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Bitcoin.
