Bitcoin Shatters Bearish Trend Line

By Azeez Mustapha

PUBLISHED:  Jul 15 2024 @ 05:12   |   Comments (0)   |   More info about Azeez Mustapha

A subsequent price pullback shattered the bearish trend line, aided by the formation of three white soldiers, a candlestick pattern that typically signals a strong reversal. This bullish formation has driven the price close to its previous high, and a further push beyond this level could establish a definitive change in market direction, moving Bitcoin out of its bearish phase.

Bitcoin Key Levels

• Demand Levels: $53,069.0, $45,750.0, $43,850.0
• Supply Levels: $63,794.0, $67,387.0, $80,000.0

What Are the Indicators Saying?

A close examination of the Hull Butterfly Indicator reveals a decline in bearish momentum, as the red bars are shortening and approaching zero. This indicates that the downward pressure is weakening. Additionally, the Parabolic SAR (Stop and Reverse) has formed points below the daily candles, a classic signal of an upward price trend.

The convergence of these indicators with the recent price action suggests a potential shift in market dynamics. Key indicators are pointing towards continued bullish momentum. It is important to watch closely as Bitcoin approaches its previous high, as breaking this level could confirm a significant change in the market’s direction.

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