Big Bitcoin Upsides Predicted After Bullish Weekly Close
Main Idea
Bitcoin and Ethereum show bullish signals with potential breakouts, as analysts predict significant price movements based on chart patterns and recent performance.
Key Points
1. Bitcoin closed the week at $119,466, potentially kickstarting a breakout from a 'bull flag' pattern if it maintains above $119,200.
2. Bitcoin is less than 3% away from its all-time high, with an intraday high of $119,754 on Sunday.
3. Analysts identified a large liquidation cluster at $113,800 and an unfilled CME gap at $114,300, suggesting possible price movement towards these levels.
4. Ethereum is outperforming Bitcoin, surging 3.5% to a seven-month high of $3,940, with analysts predicting a 'monster move' if it breaks $4,200.
5. Ethereum remains down almost 20% from its 2021 all-time high despite its recent bullish performance.
Description
A weekly close above $119,200 will kickstart the breakout from a “bull flag” chart pattern, according to analysis by ‘Rekt Capital’ on Sunday. They added that turning this level into support via a retest could occur over the coming week. Bitcoin closed the week at $119,466 on Coinbase, according to Tradingview, which means that the bullish action could be in play. #BTC Can Bitcoin do it? Weekly Close above ~$119200 kickstarts the breakout from this Bull Flag In which case turning ~$119200 into s...
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