I’ve been watching the Bitcoin Price Chart very closely for the last couple of months and especially after making my post Bitcoin Consolidation Almost Over just a month ago which was about the Flag Pattern that the Bitcoin price had been forming. I’ve been keeping a sharp eye on the $67K USD level because I think it’s about where the Resistance line is and while Bitcoin has made it though that level in the last week there hasn’t been the Momentum I’d normally expect for a confirmed Breakout. However, something else has happened that makes me optimistic…
Source
There is a common saying among Technical Analysts that often Resistance Becomes Support once it’s broken and in just the last 2 days we’ve seen the price come back to that Resistance level of the Flag Pattern and bounce slightly. It’s not entirely convincing but I think it’s quite possibly a soft confirmation that the Flag Pattern IS Broken and we are now much more likely to be going higher from here.
Personally I am now expecting a confirmation of this likely Breakout in the next few days. To me this would look like a sharp move through the $70K USD level and that could happen on a day where we see a 3-5% rally in the crypto markets across the board. A Confirmation Signal like that is quite likely to light a bit of a fire under the crypto markets as we head into the final months of 2024.
It’s definitely exciting times for crypto enthusiasts. I am finally comfortable that I’ve got my investment portfolio rebalanced to be ready for a potential Bull Market in 2025 and I think it’s not a day too soon. The Gold and Silver markets are also going really well at the moment but it’s crypto where I see the potential for some substantial medium term gains.