Bitcoin has finally closed above its weekly channel

Bitcoin has closed above its weekly channel and is currently testing significant weekly support at $57,000. The formation of a potential ascending triangle on higher timeframes suggests a possible final correction before initiating a bullish wave 3. This development may unfold over the coming months.

9/4/20241 min read

Bitcoin chart showing a closure above the weekly channel and testing support at $57,000. The formati
Bitcoin chart showing a closure above the weekly channel and testing support at $57,000. The formati

After two days of fluctuating, Bitcoin has finally closed above its weekly channel, and global markets have reopened. Currently, BTC is positioned on the significant weekly support at $57,000, where we are awaiting a suitable reaction that could drive the price back up.

On the higher timeframes, we are observing the formation of a potential ascending triangle above the monthly support level. This pattern could lead to a final correction before initiating wave 3 of an upward move. However, this process might extend over the next few months.