Bitcoin (BTC)Crypto News

Bitcoin is breaking out of a descending channel

Type: Bullish jump

Key levels: resistance: $ 51,911.11, Pivot: $ 45,664.01, and Support: $ 44,018.65

Preferred case: broke out of declining trendline resistance, suggesting potential bullish momentum.

We can expect the price from the pivot level, in accordance with the graphical overlap support, to be 161.8% Fibonacci-Extension, 61.8% retracement and 161.8% projection bouncing up towards the first resistance in line with the previous swing high of 161.8% Fibonacci projection level.

Our bullish bias is further supported by the stochastic indicator where the line is at the support level.

Alternative scenario: Alternatively, the price could decrease to the 1st support level in line with the horizontal support level.
Bitcoin is breaking out of a descending channel, Crypto Trading News

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Source: Crypto News Deutsch

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