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<ul> 
 <li>Bitcoin forms an ascending triangle, supported by MA20.</li> 
 <li>Long orders placed near MA20 at $43,030 and $42,200 for wick hunting.</li> 
 <li>Main target for Bitcoin remains at $47-48k, with immediate focus on $45.3k.</li> 
</ul> 
<p>In the latest comprehensive Sunday report, a detailed analysis of Bitcoin’s next moves has been presented, combining Technical Analysis (TA), Low-Close Analysis (LCA), and Psychological Analysis. The primary focus is on the formation of an ascending triangle pattern in Bitcoin’s chart, supported by the Moving Average 20 (MA20) line.</p> 
<p>Currently, Bitcoin is showing signs of forming this bullish pattern, with MA20 providing robust support. This level is crucial, as it’s currently situated at the $43,030 region. In anticipation of potential movements, several long orders have been placed nearby this pivotal MA20 line. Additionally, there’s a strategy to capitalize on possible price dips or ‘wick hunting’ by placing long orders around the $42,200 region.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> – whats next ?<br><br>The big Sunday report, all you need to know:<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a9.png" alt="🚩" class="wp-smiley" style="height: 1em; max-height: 1em;"> TA/ LCA/ Psychological Analysis: Bitcoin starts printing an ascending triangle with the help of MA20 support. For that Iam placing several long orders nearby MA20 which is currently located at $43.030… <a href="https://t.co/h4pkJYDbzK">pic.twitter.com/h4pkJYDbzK</a></p>— Doctor Profit 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1e8-1f1ed.png" alt="🇨🇭" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@DrProfitCrypto) <a href="https://twitter.com/DrProfitCrypto/status/1739028388268920847?ref_src=twsrc%5Etfw">December 24, 2023</a>
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<p>This strategy, however, hinges on Bitcoin maintaining its position above the MA20 line. A daily close below this level would invalidate the current analysis and expectations. The analysis suggests that Bitcoin’s movement is likely to oscillate between its strongest support at MA20 ($43,030) and its strongest resistance at the $44,400 region. This sideways movement is expected to culminate in a breakout, with an immediate target of $45.3k.</p> 
<p>The strategy emphasizes readiness to take long positions as the market reaches the MA20, reinforcing the belief in the reliability of this indicator, particularly in a pre-bull phase. The MA20 is not just a line of support but a signal of market sentiment, indicating a positive trend for Bitcoin.</p> 
<p>In the broader perspective, the main target for Bitcoin is projected to be in the $47-48k range. This target takes into account the current market dynamics and the historical performance of Bitcoin, especially in relation to its behavior around significant technical indicators like the MA20.</p> 
<p>For investors and traders, this analysis provides a nuanced understanding of Bitcoin’s potential short-term movements. It underscores the importance of monitoring key technical levels and being prepared for various scenarios in the highly volatile cryptocurrency market.</p> 
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<p>The post <a href="https://cryptonewsland.com/bitcoins-next-move-ascending-triangle-formation/">Bitcoin’s Next Move: Ascending Triangle Formation</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin’s Next Move: Ascending Triangle Formation

Crypto News Land

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