{"id":16498,"date":"2024-10-30T00:00:10","date_gmt":"2024-10-30T00:00:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=16498"},"modified":"2024-10-30T00:00:10","modified_gmt":"2024-10-30T00:00:10","slug":"bitcoin-price-breaks-out-of-7-month-descending-broadening-wedge-pattern-for-continuation-above-70000","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=16498","title":{"rendered":"Bitcoin Price Breaks Out Of 7-Month Descending Broadening Wedge Pattern For Continuation Above $70,000"},"content":{"rendered":"

Recent market inflows and dynamics <\/a>have seen the Bitcoin price breaking free from a 7-month descending broadening wedge pattern. According to crypto analyst Gert van Lagen, Bitcoin\u2019s breakout last week could signal the onset of a major price continuation phase as the bulls aim above the $70,000 mark.<\/a> Particularly, Van Lagen highlighted that Bitcoin\u2019s ability to successfully retest the upper trendline of this pattern lends strong momentum to the current bullish structure.<\/p>\n

The descending broadening wedge pattern is a reversal structure in technical analysis, often hinting at a strong trend upon breakout. Bitcoin\u2019s ability to breach the upper trend line reinforces the likelihood of bullish momentum, lending voice to a new all-time high in the coming weeks.<\/p>\n

Bullish Retest Validates Strong Support For Next Rally<\/h2>\n

At the time of van Lagen\u2019s analysis<\/a>, the Bitcoin price was retesting a bottom-sloping trend line, which has capped its price rallies since it reached an all-time high of $73,737 in March. By then, Bitcoin had already peaked out of this trend line in the descending broadening wedge and was already on the third candle.\u00a0<\/p>\n

As Bitcoin bounced from the upper trend line, van Lagen described this as a \u201csuccessful bullish retest.\u201d Furthermore, he noted the importance of a bullish trajectory for this pattern, highlighting that the breakout direction is upward 79% of the time.\u00a0<\/p>\n

With the Bitcoin price now successfully above this wedge, this next phase could see the cryptocurrency extend its gains and surge above $70,000. As such, the analyst also noted that reaching a new all-time high is essential to fully validating the wave continuation pattern.<\/p>\n

Key Bitcoin Price Levels To Watch<\/h2>\n

While the breakout and retest offer promising technical signs,<\/a> van Lagen warned of a critical downside level that traders should monitor. He pinpointed $58,700 as a crucial weekly closing price, below which the bullish structure would be invalidated. In his view, a close below this threshold would disrupt the quick wave five continuation and totally reverse the bullish setup to a new all-time high.<\/p>\n

Interestingly, Bitcoin has managed to push to the upside since this breakout. Particularly, the cryptocurrency has extended gains and has now broken above $71,000 for the first time since June.<\/p>\n

At the time of writing, Bitcoin is trading at $71,150, having reached an intraday high of $71,450 in the past 24 hours. As it stands, Bitcoin is only 3.6% away from reaching uncharted price territories. The only key price resistance level t<\/a>o watch at this point would be the current all-time high.<\/p>\n

Many Bitcoin metrics point to the continuation of bullish Bitcoin price momentum, at least in the short term. The Bitcoin open interest is now at its highest point of $42.6 billion, which relays a high level of trading activity<\/a> among Bitcoin traders.<\/p>","protected":false},"excerpt":{"rendered":"

Recent market inflows and dynamics have seen the Bitcoin price breaking free from a 7-month descending broadening wedge pattern. According to crypto analyst Gert van Lagen, Bitcoin\u2019s breakout last week could signal the onset of a major price continuation phase as the bulls aim above the $70,000 mark. Particularly, Van Lagen highlighted that Bitcoin\u2019s ability […]<\/p>\n","protected":false},"author":0,"featured_media":16499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16498"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16498"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16498\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16499"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}