bullish

Bitcoin

Momentum

Convergence

<ul>
 <li>Bitcoin targets $90,000 as it breaks out of a bullish wedge pattern, signaling potential upward continuation.</li>  
 <li>MACD crossovers on the daily chart reinforce Bitcoin's bullish trend, indicating further price appreciation.</li>  
 <li>Bitcoin's recent price action suggests consolidation, with key support and resistance levels guiding potential market moves.</li> 
</ul>  
<p>Bitcoin’s bullish momentum continues to gain attention, as noted by crypto analyst @Washigorira on X. The analyst highlighted that Bitcoin (BTC) is currently following a pattern that indicates a <a href="https://cryptonewsland.com/bitcoin-enters-bull-flag-pattern-following/" rel="noopener noreferrer nofollow">potential surge</a> to $90,000. He mentioned that the LMACD is nearing a bullish crossover on the daily timeframe, further supporting the positive outlook.</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/Washigorira/status/1823291048937849196
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-bullish-pattern-formation"><strong>Bullish Pattern Formation</strong></h2>  
<p>The recent technical analysis of Bitcoin’s price movement against Tether (USDT) on Binance reveals the formation of a "Right-Angled Descending Broadening Wedge" pattern. This pattern, known for its bullish implications, consists of a flat resistance line at the top and a downward-sloping support line at the bottom.&nbsp;</p>  
<p>The breakout from this pattern signals a <a href="https://cryptonewsland.com/analyst-predicts-bitcoin-surge-to-109k/" rel="noopener noreferrer nofollow">potential upward continuation</a>. As of now, Bitcoin is trading around $58,992.51, having successfully broken out of the wedge. The projected target price for this breakout stands at $90,426.90, calculated by measuring the vertical height of the wedge at its widest point and projecting that distance upwards from the breakout point.</p>  
<p><img width="602" height="404" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfxJXlGvW3S6AP1uIhqab-_yxOCg16B0DjIlO2rXmypT8lrQblvK1OftJBUy3Ha6tAyXUQD99abmgXagMQJQkJwbU5g4J7_tapU_vjb7fQi7-ckpNO4e6vgvVrs_kPd2xSPSollySyw_twVSbLUt4m1BvNE?key=KJkCBESXX6ivDxAj7aeIUg"></p>  
<p>Source: <a href="https://x.com/Washigorira" target="_blank" rel="noopener noreferrer nofollow">@Washigorira</a> on X</p>  
<h2 class="wp-block-heading" id="h-indicators-pointing-to-further-upside"><strong>Indicators Pointing to Further Upside</strong></h2>  
<p>Supporting this bullish outlook, the MACD (Moving Average Convergence Divergence) indicator on the daily chart has shown multiple bullish crosses. Notably, these crosses occurred in early 2024, mid-May, late July, and early August, each time signaling a positive momentum shift.&nbsp;</p>  
<p>The most recent bullish cross in early August coincides with the breakout from the wedge, reinforcing the potential for <a href="https://cryptonewsland.com/bitcoins-next-move-bullish-or-bearish-trends/" rel="noopener noreferrer nofollow">further price appreciation</a>. The MACD indicator, known for its reliability in signaling trend reversals, suggests that Bitcoin’s bullish trend is far from over.</p>  
<h2 class="wp-block-heading" id="h-recent-price-movements-and-market-sentiment"><strong>Recent Price Movements and Market Sentiment</strong></h2>  
<p>Over the past week, Bitcoin's price has experienced fluctuations, beginning with a slight decline around August 7. The price initially dropped to around $55,700 but quickly rebounded, reaching a peak of close to $62,000 on August 9. Since then, the price has stabilized, fluctuating between $59,000 and $62,000.&nbsp;</p>  
<p><img width="602" height="392" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeWqHykKi7xcSyMaNEa9Sq2oGX7Y36RzgJ29v5GYByhKUqngJDHI7Q-98neAR7YiVPWE2ssuCYOcbLOkuLaNgCFemz7V89IQC4_Hjt9Y1onfgUSR51tcughqf869y9piXIh9C2MEhCtgqFQye7BpegsK72W?key=KJkCBESXX6ivDxAj7aeIUg"></p>  
<p>Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a></p>  
<p>As of August 13, Bitcoin is trading <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">slightly above</a> $61,404.55, with the market showing signs of consolidation. The increase in trading volume during the August 9 price surge indicates strong buying interest, which aligns with the bullish technical indicators.</p>  
<p>Bitcoin’s current price action, along with the technical patterns and indicators, suggests that the cryptocurrency may be poised for further gains, with the $90,000 target in sight. However, traders are advised to monitor key support and resistance levels closely, as the market remains highly volatile.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-bullish-momentum-points-to-90000/" rel="noopener noreferrer nofollow">Bitcoin Bullish Momentum Points to $90,000 as Key Indicators Signal Upward Breakout</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Bullish Momentum Points to $90,000 as Key Indicators Signal Upward Breakout

Table of Contents

Crypto News Land

Other articles published on Aug 13, 2024

Bit-Chess Announced Its Presale for Decentralized Chess to Take the Center Stage (13 Aug)

Donald Trump Launches Bitcoin-Themed Sneakers, Quickly Sell Out

Meta and Universal Music Group strike deal to boost monetization for artists

Ethereum (ETH) Price Decline Amid $25M Sell-Offs: What’s Next?

XRP ETF Getting Closer with This New Major Development

Bitfarms announces leadership changes amid takeover attempt

Join our free newsletter for daily crypto updates!