Here's what happened when Bitcoin finally broke out of that 62,000 to 66,000 base it had been building for months.
The pain most traders feel right now is not knowing whether this is the start of the next impulse or another trap. Buying into the 86,000-87,300 resistance after two failed attempts has already burned people, while waiting for a better entry has left others watching the move from the sidelines.
This setup reminds me of the digestion phase Bitcoin went through after its 2020 breakout. $BTC is still holding the 80,500-82,000 support zone that keeps the entire bullish structure intact. Sellers have defended 86,000-87,300 twice already.
A clean break above that level is what we need for the next strong move higher. If that support gives way, a deeper pullback toward 76,000 would not be surprising before any recovery.
We saw almost the same movie with $ETH last year and with $SOL after its own range break. The pattern of post-breakout chop followed by either continuation or a shakeout is one we keep seeing.
Where do you think this goes from here?
#Bitcoin #CryptoTrading #MarketAnalysis
The pain most traders feel right now is not knowing whether this is the start of the next impulse or another trap. Buying into the 86,000-87,300 resistance after two failed attempts has already burned people, while waiting for a better entry has left others watching the move from the sidelines.
This setup reminds me of the digestion phase Bitcoin went through after its 2020 breakout. $BTC is still holding the 80,500-82,000 support zone that keeps the entire bullish structure intact. Sellers have defended 86,000-87,300 twice already.
A clean break above that level is what we need for the next strong move higher. If that support gives way, a deeper pullback toward 76,000 would not be surprising before any recovery.
We saw almost the same movie with $ETH last year and with $SOL after its own range break. The pattern of post-breakout chop followed by either continuation or a shakeout is one we keep seeing.
Where do you think this goes from here?
#Bitcoin #CryptoTrading #MarketAnalysis