{"id":812734,"date":"2024-12-17T22:25:15","date_gmt":"2024-12-18T04:25:15","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/17\/bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target\/"},"modified":"2024-12-17T22:25:15","modified_gmt":"2024-12-18T04:25:15","slug":"bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/17\/bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target\/","title":{"rendered":"Bitcoin Finally Breaks Above Falling Wedge Pattern\u2014Here\u2019s The Next Target"},"content":{"rendered":"

Bitcoins <\/p>\n

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\n\t\t\t\t\t\t\t\"bitcoins\t\t\t\t\t\t<\/figure>\n
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Bitcoin has seen a significant price movement today, reaching a high of $67,803<\/a>, breaking above a descending falling wedge pattern on the daily chart.<\/p>\n

While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful.<\/p>\n

Regardless, this development has sparked fresh analyses from prominent crypto commentators, many of whom are now sharing their latest insights on the next target<\/a> for Bitcoin following this pattern breakout.<\/p>\n

Analysts Weigh In On Bitcoin Wedge Pattern Breakout<\/h2>\n

A CryptoQuant analyst, known by the pseudonym Papi, referred to the falling wedge pattern as the 2024 \u201cnope zone\u201d in a recent post<\/a>. Papi stated, \u201c2024\u2019s Nope Zone is undefeated. For now. Will this time be different?\u201d<\/p>\n

\"bitcoins
Bitcoin price break out of wedge pattern. | Source: Papi on CryptoQuant QuickTake Platform<\/figcaption><\/figure>\n

He pointed out that this is the first time Bitcoin has retested the price successfully above the \u201cnope zone\u201d on a four-day chart. The analyst also mentioned\u00a0that high open interest (OI)<\/a> and ETF flows showed bullish signals, although net flows on derivative exchanges remained<\/span>\u00a0neutral.<\/p>\n

\u201cEven if we don\u2019t break out this time, we are getting very close,\u201d Papi added, emphasizing the importance of dollar-cost averaging during this period of consolidation. He also highlighted the support levels at $60,000 and the mid-$50,000 range as strong backstops in case of any pullback.<\/p>\n

Road to $90,000?<\/h2>\n

Despite the initial breakout, Bitcoin has faced a minor correction, trading at $66,047, up by 0.2% in the past 24 hours. This small pullback has not deterred analysts from making bullish predictions<\/a>. Captain Faibik, another well-known crypto analyst, took to X to comment on Bitcoin\u2019s price movement.<\/p>\n

\"bitcoins
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/figcaption><\/figure>\n

He noted<\/a>, \u201cSo far, so good\u2026 Bitcoin is once again heading towards the $68k crucial resistance. A successful wedge breakout could send Bitcoin to $88k-$90k in November.\u201d Faibik remains optimistic, anticipating a larger move upwards<\/a> if BTC can clear this key resistance level.<\/p>\n

\"bitcoins
Bitcoin price chart. | Source: Captain Faibik<\/figcaption><\/figure>\n

Similarly, another prominent analyst, RektCapital, shared his perspective<\/a> on the current price action. RektCapital pointed to Bitcoin\u2019s historical rejections from the downtrending channel top, noting that previous pullbacks were progressively deeper.<\/p>\n

The analyst added: \u201cThis current rejection is Bitcoin\u2019s first chance to show that this downtrending channel top resistance is weakening as a point of rejection.\u201d<\/p>\n

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#BTC<\/a><\/p>\n

Here are historical rejections from the Downtrending Channel Top (red)<\/p>\n

From mid-March, the rejections have resulted in progressively deeper pullbacks:<\/p>\n

Initially -17% followed by -22% then -26% then -29%<\/p>\n

This current rejection is Bitcoin\u2019s first chance to show that this\u2026 https:\/\/t.co\/wXePIvVs5D<\/a> pic.twitter.com\/k2lMLje0yO<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) October 15, 2024<\/a><\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n<\/p><\/div>\n

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\"bitcoins\t\t<\/p>\n

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Bitcoins
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\n\t\t\t\t\tSamuel Edyme\t\t\t\t<\/a>
\n\t\t\t<\/h2>\n
\n

Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.<\/p>\n

\n

Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.<\/p>\n

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics.<\/p>\n

When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026)<\/p>\n

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life.<\/p>\n

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.<\/p>\n

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think’s probably unfeasible, I’ve done already a hundredfold.\u201d<\/p>\n

PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

Disclaimer:<\/strong> The information found on NewsBTC is for educational purposes
\n\t\t\t\t\t\t\tonly. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
\n\t\t\t\t\t\t\tinvestments and naturally investing carries risks. You are advised to conduct your own
\n\t\t\t\t\t\t\tresearch before making any investment decisions. Use information provided on this website
\n\t\t\t\t\t\t\tentirely at your own risk.<\/p>\n<\/p><\/div>\n

Samuel Edyme Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern on the daily chart. While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful. Regardless, this development has sparked fresh analyses<\/p>\n","protected":false},"author":1,"featured_media":812735,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,848],"tags":[11476],"class_list":{"0":"post-812734","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-finally","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/812734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=812734"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/812734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/812735"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=812734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=812734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=812734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}