Over the last couple of days I've seen several analyses on BTC and the fact that it was trading in a megaphone pattern. Many called for BTC to fall back to $20,000, but that was never really an option. With the classic banking system under stress, it has fundamentally never been a better time to own Bitcoin and have complete ownership of your funds.
With BTC breaking out of the megaphone pattern, we will likely see more bullish price action in the near future. Keep in mind that the $29,000 - $30,000 area is a massive area of resistance, since it's the bottom of the summer 2021 lows. Furthermore, BTC is severely overbought since it gained +45% in like 10 days.
Personally, I'm expecting something closer the analysis below.
With BTC breaking out of the megaphone pattern, we will likely see more bullish price action in the near future. Keep in mind that the $29,000 - $30,000 area is a massive area of resistance, since it's the bottom of the summer 2021 lows. Furthermore, BTC is severely overbought since it gained +45% in like 10 days.
Personally, I'm expecting something closer the analysis below.
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