BTCUSD Breaks Out of Parallel Channel: Bullish Momentum on the Horizon

After nearly six months of a challenging downward trend, Bitcoin has provided a positive signal by breaking out of its bearish parallel channel. Since May, the price has moved within this defined channel, with its sensitive boundaries triggering reversals at every test. This breakout marks a significant shift, suggesting a potential end to the downtrend.

The price has now breached the upper boundary of the bearish channel and is expanding upwards, setting the stage for a bullish break of structure (BOS) above the $70,016 level. Should the current bullish displacement continue, Bitcoin could establish new all-time highs, possibly reaching key supply levels in the near future.

Bitcoin Key Levels

Demand Levels:b$63,814.0, $59,209.0, $54,839.0
Supply Levels: $70,016.0, $73,794.0, $80,000.0

What Are the Indicators Saying?

Several technical indicators support this optimistic outlook. The Moving Average (MA) with a period of 9 sits below the daily candles, confirming that Bitcoin is trending bullish. The Hull Butterfly indicator further reinforces this view, showing increasing bullish momentum  with the increasing sizes of the green bars as the price approaches previous swing highs. With the price nearing the critical $70,016 level, a confirmed break above this mark could signal the beginning of a significant bullish phase, potentially leading Bitcoin towards the $80,000 level.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Mark Austin

• 

  Dan Atkinson

• 

  ForexSQ

• 

  Clem Chambers