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
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.