Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/minimum-target-is-44000-grim-bitcoin-price-prediction-issued-by-legendary-trader" rel="noopener noreferrer nofollow">Bitcoin</a> is slowly but surely standing up on its feet, with the price somewhat gaining stability at around the $56,000 price level. Unfortunately, the buying power is not there, and the market clearly needs another boost. The so-called "bullish megaphone" pattern might be the answer.
An indication of potential for a significant surge in technical analysis is often shown by the <a href="https://u.today/japans-microstrategy-metaplanet-tops-up-bitcoin-holding-with-42-btc" rel="noopener noreferrer nofollow">bullish</a> megaphone pattern. Known by another name, this pattern consists of two diverging trend lines, one sloping downhill and the other upward, giving the chart the appearance of a megaphone. <img alt="BTCUSDT" data-entity-type="file" data-entity-uuid="0b374850-af0f-4fe5-81ba-73206722f3a1" src="https://u.today/sites/default/files/inline-images/image_971.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USDT Chart by TradingView</a>
Price movements are expanding between the two trend lines exhibiting an increasing degree of volatility characteristic of this pattern. It usually develops following a phase of sideways or consolidation trading, indicating that the asset is preparing for a breakout. This is how it functions:
Formation: As prices fluctuate between higher highs and lower lows, the pattern begins to take shape. The shape of a megaphone is produced by price swings that get bigger than the one before.
Volatility increase: The volatility rises as the pattern develops. As price movements increase in magnitude, the market frequently becomes confused and uncertain. One important aspect of the bullish megaphone pattern is its increased <a href="https://u.today/opinions/what-to-expect-from-bitcoin-btc-this-week" rel="noopener noreferrer nofollow">volatility</a>.
Breakout: This pattern's ultimate breakout is its defining characteristic. This breakout normally occurs through the upper trend line for a bullish megaphone. The breakout, which is supported by higher buying interest and trading volume, denotes robust upward momentum.
Target price: Following the breakout, the target price is typically determined by measuring the pattern's height at its widest point. The possible upside is then calculated by adding this measurement to the breakout point.

Bitcoin (BTC) to Skyrocket 220%, According to 'Bullish Megaphone' Pattern

U_Today

Άλλα άρθρα που δημοσιεύτηκαν στις 8 Ιουλ 2024

Experts Predict Bitcoin Price Recovery

Rollblock Blasts Through $1M Raised As Price Surges Again Outpacing Solana (SOL) and VeChain (VET)

Taiwan Central Bank Cautious, Not Rushing Proposed CBDC Launch – Official

Tether CEO Issues Scary AI Warning

German Government's Bitcoins Continue to Put New Pressure on the Market

Vitalik Buterin’s transfer of 100 Ethereum raised eyebrows: What’s next?

Join our free newsletter for daily crypto updates!