Bitcoin Breakout Alert! 🚀

[Mophymac]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

[BitMaxz]

It was rejected at $71k and it is currently inside the symmetrical triangle if the price retests again at that level and breaks the $71k there is major resistance on $73k but if it also breaks we might see a continuation and reach a new ATH.

However, I think it's too early to see the price above $73k unless there is a big whales pushing the price to break this price.

[Franctoshi]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

Bitcoin is currently on its eight weeks since after halving on April, and from records, Bitcoin usually takes off the 10th weeks after halving and this I think is why we haven't started to witnessing the explosive move in the price of Bitcoin we all are expecting. We are still into a range and won't expect much until we break out, Now we got rejected again at the level of $72k which has in the past couple of times acted as a strong resistance point. So, there are two now waiting for Bitcoin, Either we move upwards to break this $72k, or we go down to revisit the bottom of the symmetrical triangle formed before we will see another leg upwards.

[tread93]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

Bitcoin is currently on its eight weeks since after halving on April, and from records, Bitcoin usually takes off the 10th weeks after halving and this I think is why we haven't started to witnessing the explosive move in the price of Bitcoin we all are expecting. We are still into a range and won't expect much until we break out, Now we got rejected again at the level of $72k which has in the past couple of times acted as a strong resistance point. So, there are two now waiting for Bitcoin, Either we move upwards to break this $72k, or we go down to revisit the bottom of the symmetrical triangle formed before we will see another leg upwards.

Welp, we have made it this far and it hasn't gone parabolic yet but I like what I am reading here, if you're right then in the next two weeks we could possibly see a huge breakout that would shake the whole ecosystem into a state of euphoria and I definitely can't wait to see that happen again. Hopefully it happens sooner than later but all the more time to stack more sats to get prepared for the next hike 

[GreatArkansas]

For OP, I really love to see your chart, please share it so we can also have some comments on it.
After we broke from $70k - $71k, we are now on $69k but I don't see any bearish movements here as we are still really looking healthy now.

Btw, I am learning Elliot Waves now, glad to saw some threads mentioned Elliot Waves.

[adaseb]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

Out of all the different trading technical analysis out there, Elliott waves is the only one that I could never trade properly.

I had software which could detect all the waves but what you don't understand is that in hindsight it seems easy to find out what wave you are in but in reality you might be in a different wave than you originally assumed. I find that when backtesting it seems to produce good results but its very difficult to implement in practise. So this is why I don't think elliott waves should be used as a reliable indicator to make trades.

[Perfectbaby]

Breaking out is possible but I can sense some forces trying to hold bitcoin on it current position making it to trade within 69k -71k and this could be a selling pressure and after which there could be a breakout. But historically for the potential bull we might experience it towards ending of the year to next year maybe if there are positive news that propelled the price to another height then that could be an added value to price.

[Marvell1]

I heard many technical analysts say this a few months ago and before the halving but so far nothing has happened, bitcoin has not been able to make a new ATH and pull the entire market into a bullish period price.

Personally, I think all indicators are for reference only and there are no guarantees, bitcoin is unpredictable. That's why using the DCA strategy is always the best strategy when investing in bitcoin and always take a long-term view when investing in bitcoin. If we could determine the movement of bitcoin using charts and indicators, this market would not have become so harsh and there would not be so many losers.

[ajiz138]

I heard many technical analysts say this a few months ago and before the halving but so far nothing has happened, bitcoin has not been able to make a new ATH and pull the entire market into a bullish period price.

Personally, I think all indicators are for reference only and there are no guarantees, bitcoin is unpredictable. That's why using the DCA strategy is always the best strategy when investing in bitcoin and always take a long-term view when investing in bitcoin. If we could determine the movement of bitcoin using charts and indicators, this market would not have become so harsh and there would not be so many losers.

Bitcoin is still sideways there is also some other technical analysis that they draw that there is a little bit of real confidence it's just that we don't know when the rally will start? Sometimes we get tired of seeing the market still mediocre after reaching $70K but I will still wait until the bullish period comes.

I don't attach much importance to any indicator even though there is actually a little doubt or other belief in the indicator but make no mistake this can help you analyze bitcoin in the future.
Now the DCA focus will be better bitcoin corrected again to $67K take advantage of the moment because after this bitcoin breakout will not be controlled anymore.

[TravelMug]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

You mean a down trend break out? If yes, yeah, prices goes down hard after hovering around $69k for the past 3 days. Not it's down to $66k, not sure what news that could have triggered this down trend, but I'm speculating that there could be negative news because this market should still be in the sideways, but know it suddenly goes down hard.

So let's see, still very early for this month, nevertheless, if you look at the historical pattern, this month could be negative to us. Not a big down trend like a spiral, but still it could be around this price range of $63k-$66k.

[STT]

Its attempted upwards but failed once again moving down harder today.  We stayed above 69k for some time which justified optimism but its failed to move past the prior highs of 72k and speculators will drop out if we stall which seems to be the case.

If we can recover past 68k before end of today take it as volatility otherwise it appears we are no longer positive trending in this near term.   66k is 50 day average and I think we'll not surpass that for that moment.

[Yaunfitda]

Its attempted upwards but failed once again moving down harder today.  We stayed above 69k for some time which justified optimism but its failed to move past the prior highs of 72k and speculators will drop out if we stall which seems to be the case.

If we can recover past 68k before end of today take it as volatility otherwise it appears we are no longer positive trending in this near term.   66k is 50 day average and I think we'll not surpass that for that moment.

And usually those kind of attempts and if we failed, like attempting to break $71k-$72k again, usually prices are going to tank as if traders are selling because they know we can't break that barrier. But sooner though, it might take a rest and will try to attempt a 3rd time. As the saying goes, 3rd time is a charm so we knows, maybe after staying at $66k for now, it might be good for us as we are just gathering some momentum and it will just take one kicker to push the price and break that round numbers of $70k and then stay there. Plenty of time to accomplished that for this month.

[EluguHcman]

It was rejected at $71k and it is currently inside the symmetrical triangle if the price retests again at that level and breaks the $71k there is major resistance on $73k but if it also breaks we might see a continuation and reach a new ATH.

However, I think it's too early to see the price above $73k unless there is a big whales pushing the price to break this price.

Very much too early to have such a skyrocketing expectations as Investors sentiments has not yet erupted. Everyone is at the pool of accumulating for now due to the recent halving event so, little significant challenges in the market currently does not mean the uptrends of the market price is heading to catch up a new ATH.
Looking at the market today, the market cap is resting around $66K.

[CryptoBuds]

If we can recover past 68k before end of today take it as volatility otherwise it appears we are no longer positive trending in this near term.   66k is 50 day average and I think we'll not surpass that for that moment.

I have also seen some analysis shared on social media saying that if bitcoin cannot surpass $67.4k before today then we will soon see bitcoin drop to 60k-62k. But I think we don't need to rely too much and completely trust predictions from technical analysis. If bitcoin's movements could be predicted through technical analysis and onchain data, I don't think too many people would lose money. We are not the only ones who know about technical analysis, onchain data in the market, this market is a game of market makers, and whales. Let's wait and see what happens tomorrow when CPI is announced and in the following days.

[Dunamisx]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

Though the market started bullish earlier today before we realized that its actually heading for a bearish pattern moves, this has also affected many other cryptocurrencies and we are now seeing more of the sentiment against pumping the market for now, though this is not a reason to fear or doubt about having a continued bull run in this season or getting to a new all time high, we should speculate more appropriate and expect the market pumping higher anytime sooner.

[OgNasty]

It seems like hedge funds are shorting so much Bitcoin that a breakout to the upside wasn’t possible. This is an interesting way for hedge funds to make a little money collecting pennies in front of a steamroller, but more than that it gives them the ability to decide exactly when we see the god candle by covering their short positions. I imagine that is valuable information to have. Don’t let them scare you out.

[Coin_trader]

Though the market started bullish earlier today before we realized that its actually heading for a bearish pattern moves, this has also affected many other cryptocurrencies and we are now seeing more of the sentiment against pumping the market for now, though this is not a reason to fear or doubt about having a continued bull run in this season or getting to a new all time high, we should speculate more appropriate and expect the market pumping higher anytime sooner.

There’s no bullish trend even early today. It’s just a bull trap before the outbreak downward movement that is so massive right now due to another rejection at 70K level.

I believe there’s a lot of traders that shorting 71K to 70K level and long @ 60K level support since the price keeps dancing at that ranging. Institutional traders is milking tons of money from retails that FOMO on these levels. 

It’s so hard to experience continuously uptrend movement above ATH with whale players already playing.

[Akbarkoe]

Though the market started bullish earlier today before we realized that its actually heading for a bearish pattern moves, this has also affected many other cryptocurrencies and we are now seeing more of the sentiment against pumping the market for now, though this is not a reason to fear or doubt about having a continued bull run in this season or getting to a new all time high, we should speculate more appropriate and expect the market pumping higher anytime sooner.

There’s no bullish trend even early today. It’s just a bull trap before the outbreak downward movement that is so massive right now due to another rejection at 70K level.

I believe there’s a lot of traders that shorting 71K to 70K level and long @ 60K level support since the price keeps dancing at that ranging. Institutional traders is milking tons of money from retails that FOMO on these levels. 

It’s so hard to experience continuously uptrend movement above ATH with whale players already playing.

The market turned around so quickly, we saw before that there was Bullish potential but today the market is very bloody even almost all assets traded experienced a significant decline, maybe because of the bad FOMC results that gave effect to many markets, especially the crypto market experienced a very high decline, and such is this unpredictable market, we can only see but not necessarily true, today suffered a very significant decline even I don't want to see my bitcoin wallet, it will make me a little sad and not excited because I lost a lot of money.

We just need to HOLD and HOLD.

[btc_angela]

It seems like hedge funds are shorting so much Bitcoin that a breakout to the upside wasn’t possible. This is an interesting way for hedge funds to make a little money collecting pennies in front of a steamroller, but more than that it gives them the ability to decide exactly when we see the god candle by covering their short positions. I imagine that is valuable information to have. Don’t let them scare you out.

You mean Wall Street players? but doesn't make sense if they are going to short if as they could be rekt by retail investors are we are the majority although they have all the money to play.

So there is not upside this week, and most likely we will go back to where we at prior to that big jump to $71k. Around $66k and will trade sideways for quite sometime. It could be good though as we can continue to accumulate even at small amounts and save. Breakout is possible though at any moment, but it could be just quick and just a matter if it's going to be sustainable run or just another fake break out.

[Hamza2424]

Bitcoin is continuing its uptrend following the Elliott waves pattern. Currently, it's trading within a symmetric triangle pattern, which typically breaks in the direction of the prevailing trend. Get ready for a big move after the breakout

beep beep beep beep! you are in danger.

You were waiting for the flight for the new breakout and ATH as well, but unfortunately according to the latest data we've received the left wing of the flight to the new ATH is damaged and it may take a little longer for the destination with the alert of a rough time. 

Haha, I've been waiting so long for such a topic to post a lighter comment because OP I'm frustrated with these boring topics and market momentum please help to break it I need new ATH right now are you listening stoshi? announce something big to shoot up to the moon.