Major

bullish

Bitcoin

Strong

<ul class="wp-block-list">
 <li>Bitcoin nears $69,000 resistance as moving averages show strong support, hinting at a breakout or pullback scenario.</li>  
 <li>The 50- and 100-day moving averages strengthen Bitcoin’s bullish outlook, holding key support for buyers amid resistance pressures.</li>  
 <li>A decisive move above $69,000 could trigger a rally, while a drop below key support may lead to a possible pullback toward $63,000.</li> 
</ul>  
<p>Bitcoin is getting closer to a crucial decision point as it keeps consolidating against the USDT in an <a href="https://cryptonewsland.com/ethereum-forms-a-bullish-ascending-triangle-pattern/" target="_blank" rel="noopener noreferrer nofollow">ascending triangle pattern</a>. A breakout or breakdown appears likely as it runs across opposition in the horizontal supply zone between $68,000 and $69,000.&nbsp;</p>  
<p>The 50-day and 100-day moving averages (MAs) offer strong support below the current prices, demonstrating the tenacity of buyers. A decisive move above this resistance zone may attract additional bullish momentum, potentially sparking a robust rally.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/TradeWithJesse/status/1850793007550955743
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-strong-support-from-key-moving-averages">Strong Support from Key Moving Averages</h2>  
<p>In addition to the ascending triangular pattern, moving averages support Bitcoin's bullish momentum whereby a positive medium-term outlook is shown by the 50-day MA (green) being above the 100-day (red) and 200-day (purple) MAs.&nbsp;</p>  
<p>Prices consistently holding above these <a href="https://corporatefinanceinstitute.com/resources/equities/moving-average/#:~:text=A%20moving%20average%20is%20a%20technical%20indicator%20that%20investors%20and,traders%20to%20generate%20trading%20signals." target="_blank" rel="noopener noreferrer nofollow">moving averages</a> underscores a positive trend, with buyers maintaining control. Consequently, the 50-day and 100-day MAs offer reliable support levels, helping Bitcoin sustain its current trajectory amid resistance pressures.</p>  
<h2 class="wp-block-heading" id="h-potential-breakout-or-pullback-in-sight">Potential Breakout or Pullback in Sight</h2>  
<p>Market data reveals BTC is consolidating within a tightening range, hinting at a potential breakout scenario. A successful breakout above the $69,000 resistance level could propel Bitcoin to fresh highs, drawing in increased buyer activity. However, a failed attempt at breaching this level may lead to a pullback, with the ascending trendline serving as the first support point.</p>  
<p>Significantly, if BTC declines below this trendline, it may test the next support zone around $63,000, where the 100-day MA intersects. Additionally, the 200-day MA at approximately $62,100 acts as a secondary safety net if the price declines further.</p>  
<h2 class="wp-block-heading" id="h-outlook-key-levels-to-watch">Outlook: Key Levels to Watch</h2>  
<p>The current BTC structure reflects a strong uptrend, yet it faces an imminent test at the $69,000 resistance zone. With clear <a href="https://cryptonewsland.com/pi-cycle-top-indicator-to-predict-bitcoin-market-peaks-with-precision/" target="_blank" rel="noopener noreferrer nofollow">support from the trendline and moving averages</a>, BTC’s trajectory leans bullish if it breaks above the resistance. However, a decline below the ascending triangle’s support line could signal a trend reversal, cautioning traders of potential declines.</p> 
<p>The post <a href="https://cryptonewsland.com/btc-consolidates-in-ascending-triangle-a-major-breakout-or-pullback-looms/" rel="noopener noreferrer nofollow">BTC Consolidates in Ascending Triangle, A Major Breakout or Pullback Looms</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BTC Consolidates in Ascending Triangle, A Major Breakout or Pullback Looms

Table of Contents

Crypto News Land

Other articles published on Oct 29, 2024

Unlocking Real-World Utility: Qubetics Brings Smooth Conversion Mechanism —Plus Toncoin and Quant...

Binance Stops BNB Beacon Chain Support

Analyst Says DOGE can never hit $23, but this ai altcoin could surge 40,000%

Uniswap Launches Permissionless Cross-Chain Bridging on Nine Networks, Including Polygon and ZKsync

Payments Giant Stripe Acquires Stablecoin Platform Bridge in a $1.1B Deal

The Smart Investor’s Guide: 5 Undervalued Cryptos with 10x Potential Next Month

Join our free newsletter for daily crypto updates!