Manipulation Zone Retest ! Bullish momentum !!!
Bitcoin (BTC) has maintained a strong bullish bias despite recent price fluctuations. On the hourly timeframe, BTC has formed a bullish pattern that suggests a continuation of the uptrend towards $73,000 and potentially higher.
Key Support and Accumulation:
Support at $67,000: BTC has consistently found support around the $67,000 level, acting as a crucial zone of demand. This support has been reinforced by the recent retest and bullish reaction.
Large Accumulation Area: The area around $67,000 also represents a significant accumulation zone, where buyers have been actively purchasing BTC. This accumulation suggests strong underlying demand and the potential for a further price surge.
Bullish Breakout and Manipulation:
News-Driven Breakout: The recent breakout above $70,000 was fueled by positive news surrounding the approval of an Ethereum (ETH) Spot Bitcoin Strategy ETF. This event highlights the sensitivity of BTC to positive developments in the cryptocurrency industry.
Manipulation and Retest: The subsequent pullback and retest of the $67,000 support can be interpreted as a manipulation tactic to shake out weak hands and acquire liquidity at a lower price. The successful retest further confirms the strength of the support level.
Anticipated Move:
Based on the bullish pattern, strong support, and manipulation tactics, I anticipate the following price movement:
Liquidity Sweep: BTC is likely to sweep the liquidity above the current price level, potentially reaching towards $71,000 or higher.
Continued Uptrend: Following the liquidity sweep, I expect BTC to continue its upward trajectory towards the $73,000 target, with the potential to extend further towards new all-time highs.
Overall Outlook:
Despite short-term pullbacks, the overall outlook for BTC remains strongly bullish. The accumulation zone, support levels, and positive market sentiment suggest that BTC is poised for significant gains in the coming weeks and months.
Key Support and Accumulation:
Support at $67,000: BTC has consistently found support around the $67,000 level, acting as a crucial zone of demand. This support has been reinforced by the recent retest and bullish reaction.
Large Accumulation Area: The area around $67,000 also represents a significant accumulation zone, where buyers have been actively purchasing BTC. This accumulation suggests strong underlying demand and the potential for a further price surge.
Bullish Breakout and Manipulation:
News-Driven Breakout: The recent breakout above $70,000 was fueled by positive news surrounding the approval of an Ethereum (ETH) Spot Bitcoin Strategy ETF. This event highlights the sensitivity of BTC to positive developments in the cryptocurrency industry.
Manipulation and Retest: The subsequent pullback and retest of the $67,000 support can be interpreted as a manipulation tactic to shake out weak hands and acquire liquidity at a lower price. The successful retest further confirms the strength of the support level.
Anticipated Move:
Based on the bullish pattern, strong support, and manipulation tactics, I anticipate the following price movement:
Liquidity Sweep: BTC is likely to sweep the liquidity above the current price level, potentially reaching towards $71,000 or higher.
Continued Uptrend: Following the liquidity sweep, I expect BTC to continue its upward trajectory towards the $73,000 target, with the potential to extend further towards new all-time highs.
Overall Outlook:
Despite short-term pullbacks, the overall outlook for BTC remains strongly bullish. The accumulation zone, support levels, and positive market sentiment suggest that BTC is poised for significant gains in the coming weeks and months.
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