Crypto analyst stretches on a large scale that Bitcoin (BTC) looks Bullish after he has successfully restored a strong level of support.
The pseudonym analyst tells his 548,000 followers on the social media platform X that Bitcoin is trying to move to a ‘upward trend’ of price discovery.
Price discovery often refers to a process when the price goes from an active to unknown territory, forcing buyers and sellers to give an agreement on value.
Says capital,
“Bitcoin Price Discovery Roadmap:
Bitcoin is currently in a transition phase.
Prize is successfully trying to restore its reacumulation range to switch to price determination informed 2.
A volatile retest/deviation can occur here. “
Stretching capital out That BTC that is closed above $ 104,400 in the week could be the most important signal that it has successfully tested the demand zone and is preparing for higher prices.
“The retest remains successful.
Can Bitcoin successfully confirm this retest with a weekly closure above $ 104400 for what would be a 4th week in a row? “
The trader zooms in on the daily graph and says that BTC must close its immediate resistance and convert it in support to fully confirm a bullish continuation of the trend.
“Bitcoin presents signs of breaking his two weeks of falling trend (light blue) on the daily period, while it also makes support …
Daily closure and retest ~ $ 106,600 (black) would be even better to make the continuation of the trend possible. “
At the time of writing, BTC acts at $ 105,528.
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Generated image: midjourney