Bitcoin broke through resistance – leveling at $ 8000
The price has broken through the symmetrical triangle.
Support and resistance levels are at $ 6500 and $ 6800.
Token follows upward support line.
Long-term resistance levels are located at $ 8200 and $ 9200.
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Bitcoin has emerged from the symmetrical triangle that it has been in since March 20. The breakout occurred after completion of the correction in the A-B-C-D-E waves, despite the fact that the E wave never reached the upward triangle support line. In addition, the breakout took place on higher trading volumes, the highest since the formation of the bullish candle on March 23.
The nearest support and resistance levels are at $ 6500 and $ 6800, respectively. The price has successfully confirmed the support status of the $ 6,500 level and the directional momentum is bullish, at least in the short term.
Longer-term charts show that the cryptocurrency has been following an upward support line since it bottomed out on March 13. On March 30, the price confirmed its status for the fourth time and formed a bullish engulfing candlestick pattern.
As for the resistance line, the price follows either the horizontal or the descending line, thus forming either an ascending or a symmetrical triangle.
In any case, given four consecutive rising lows and the absence of bearish divergence signals, a breakdown of the resistance zone can be expected.
With no meaningful upside resistance levels and a relatively long period of consolidation, a bullish breakout could be quite aggressive and send prices above $ 8,000.
The nearest resistance levels are located at $ 8200 and $ 9200.
So, on April 2, Bitcoin began an upward movement and broke through the descending resistance line. Several higher lows signal that the price intends to continue the rise. In this case, token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two …
Symmetrical Triangle Chart Pattern
More could test the $ 8000 mark.
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