This 1-hour chart for the Bitcoin market cap (
BTC) suggests a potential bullish breakout.
Major Support: The price recently tested and respected a strong support zone, indicating buyers are stepping in.
Triangle Formation: A symmetrical triangle is forming, which typically leads to a breakout.
Weak High & ATH Target: If the breakout occurs, the market cap could push past previous highs, targeting the 1.88T level and beyond.
Bullish Scenario: A successful breakout above the triangle’s resistance may trigger an uptrend towards the weak high, followed by an attempt to reach new all-time highs (ATH).
Key Levels to Watch:
Support: 1.65T
Breakout Confirmation: 1.66T+
Target: 1.88T
This setup suggests a bullish continuation, but a failed breakout could lead to a retest of support. Keep an eye on volume and momentum for confirmation.
What are your thoughts? Will BTC market cap break out soon?
#Bitcoin #BTC #Crypto #Trading #TechnicalAnalysis