Bitcoin Price Breaks Out Of 7-Month Descending Broadening Wedge Pattern For Continuation Above $70,000

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By then, Bitcoin had already peaked out of this trend line in the descending broadening wedge and was already on the third candle.  Related Reading: Bitcoin ETFs Reach $3 Billion Inflows In October, Retail Investors Lead The Charge – Report As Bitcoin bounced from the upper trend line, van Lagen described this as a “successful bullish retest.” Furthermore, he noted the importance of a bullish trajectory for this pattern, highlighting that the breakout direction is upward 79% of the time.  With the Bitcoin price now successfully above this wedge, this next phase could see the cryptocurrency extend its gains and surge above $70,000.

Bullish Retest Validates Strong Support For Next Rally At the time of van Lagen’s analysis, the Bitcoin price was retesting a bottom-sloping trend line, which has capped its price rallies since it reached an all-time high of $73,737 in March.

Key Bitcoin Price Levels To Watch While the breakout and retest offer promising technical signs, van Lagen warned of a critical downside level that traders should monitor.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Btc price Bitcoin news Analyst BTC news Crypto analyst BTCUSDT Bitcoin price Bitcoin Btc Crypto Btcusd Crypto news Bitcoin

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 00:00:10 (1 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 456 words

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Sentences: 67 lines

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Copyright Owner: © NewsBTC

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