Bitcoin is currently consolidating within a descending broadening wedge pattern, trading downward as bearish momentum prevails.
The Ichimoku Cloud is acting as a strong resistance, reinforcing the downward pressure.
To determine the next major move, we need to watch for a decisive breakout above the pattern, which could signal a bullish reversal, or a breakdown below the support, confirming further downside.
Monitoring key support and resistance levels, along with volume dynamics, will be crucial in anticipating Bitcoinās next direction.
RPL is consolidating within a falling wedge pattern and is currently holding above the support trendline. However, the 50MA and the Ichimoku Cloud are acting as strong resistance barriers above the pattern.
A decisive breakout above both the wedge and the cloud could confirm a bullish trend, potentially triggering upward momentum.
Conversely, a breakdown below the wedgeās support trendline would invalidate the pattern and could lead to further downside.
Keep a close watch for a confirmed breakout or breakdown to determine the next move.
Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC ā CEO Says He's 'Pleasantly Surprised' by Retail Demand
Blackrockās spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has significantly increased its bitcoin holdings, which have now surpassed 252,011 BTC, representing an approximate notional value of $18 billion. This substantial increase reflects a stronger-than-anticipated influx of retail investor demand, exceeding even the CEOās initial expectations.
FIL has broken out of the ascending triangle pattern with a successful retest, indicating a gain in momentum. The Ichimoku cloud confirms a bullish trend. As long as FIL continues trading above the triangle, a continuation of the bullish move is expected.
LTC has broken out of the symmetrical triangle pattern with a successful retest. The 100-day moving average (MA) and the Ichimoku cloud are indicating a bullish trend. Currently, it is encountering resistance from the 200-day MA. A candle closing above the 200-day MA would confirm the upward direction.
ICP broke out of the descending triangle, followed by a strong bullish rally and a period of good consolidation. The Ichimoku cloud indicates a bullish trend, while the MACD crossover is gaining bullish momentum. A continuation of the bullish move is expected either from this point or after a successful retest of the triangle.
BTC has perfectly pumped from the MA 200 and trendline support, breaking out of the triangle and the Ichimoku cloud. Currently, it is retesting above the Ichimoku cloud and is on the verge of breaking out above the MA 100. A breakout above the MA 100 would confirm the continuation of the bullish move.
YGG has broken out of the ascending triangle and is currently retesting above it on the weekly timeframe. The Ichimoku cloud indicates a bullish trend. A bullish weekly candle close with good volume would confirm the upward direction.
BTC is once again attempting to regain momentum from the MA 200 and the trendline support after being rejected by the Ichimoku cloud resistance. A bounce from this point and a breakout of the Ichimoku cloud would confirm bullish sentiment, while a sustained breakdown of the horizontal support would confirm bearish sentiment.
It is moving within a symmetrical triangle after experiencing a significant bullish rally. Currently, it is encountering resistance at the trendline. The RSI indicates that it is in the overbought region. Further movement within the triangle is anticipated until a definitive breakout occurs. #HotTrends #Jasmyusdtā ļøā ļø #JASMY/USDT #jasmyustd #Write2Earnā¬
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