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Start for freeUnderstanding Bitcoin's New Pattern on the 3-Day Chart
Josh from the crypto channel brings to light a potentially massive bullish pattern forming on Bitcoin’s 3-day chart. This pattern, known as an inverse head and shoulders, could signal a significant upward movement if it completes. Currently, the formation is not confirmed as the right shoulder is still developing. For this bullish scenario to play out, Bitcoin might first see a short-term pullback before making a recovery that could push its price significantly higher.
Key Levels to Watch
The neckline of this pattern sits around $71.7k. A confirmed breakout above this level with a 3-day candle close could activate the bullish target of approximately $86.7k, marking around a 21% gain from the breakout point.
Short-Term Bitcoin Dynamics
In the short term, Bitcoin has been experiencing choppy sideways action characterized by minor pumps and dumps. This type of market behavior provides fertile ground for traders looking to capitalize on volatility. Josh notes that while this may be uneventful for long-term holders, it presents numerous opportunities for active traders.
Trading Strategy Insights
Josh shares his approach to trading in these conditions—focusing on swing trades rather than short-term fluctuations. He emphasizes that his strategy has been profitable, advising viewers to stay tuned for more detailed updates on his trading moves and results.
Ethereum’s Market Positioning
Turning our attention to Ethereum, it appears to be maintaining a bullish stance in its daily timeframe despite recent pullbacks. The cryptocurrency recently tested an important Fibonacci level but managed to bounce back, retesting resistance levels.
Potential Price Movements for Ethereum
If Ethereum can reclaim resistance at $3820 and push past it, we might see movement towards $3960 and possibly approach the bullish target just under $4.1k.
Opportunities in Crypto Trading Competitions and Bonuses
Josh also highlights several incentives for traders using platforms like Bybit and Bitflex. These include deposit bonuses up to $30,000 and participation in trading competitions with substantial prize pools.
Conclusion
The current crypto market is ripe with patterns and signals that savvy traders can use to their advantage. Both Bitcoin and Ethereum show potential for significant moves which could be lucrative for those well-positioned in their trades.
Article created from: https://www.youtube.com/watch?v=ybMBcszH5G8&ab_channel=CryptoWorld
