Article Summary
Bitcoin is indicating an upside breakout with all-time highs in sight, with a target of $116,000 next week. Traders are waiting for a liquidity grab with $105,000 and $103,000 as targets. Decreasing volume and a converging triangle on BTC/USD’s 4-hour chart suggest a breakout is possible. The market structure is described as an intraday diamond pattern breakout, with solid demand from US buyers. However, some concerns remain about outstanding resistance and a potential pullback before the upside resumes.
What This Means for You
- Expect a potential breakout and a continuation of the uptrend towards all-time highs.
- Be prepared for a possible pullback and dip before the uptrend continues.
- Entering a position now might be risky given the opposing views, consider practicing risk management and DYOR.
- Stay informed about Bitcoin’s performance relative to stocks and potential market triggers affecting its value.
- Keep track of liquidity grab levels and follow closely the triangle pattern and decreasing volume.
Original Post
Bitcoin traders are expecting a breakout as BTC price fluctuates around $103,000. The area around $103,000 has been acting as a magnet. A brief dip before resuming the uptrend is possible, with $105,000 and $103,000 as targets for liquidity. $116,000 is the target early next week if a breakout occurs. Bitcoin reduced volatility to a minimum into the May 18 weekly close as traders bet on a fresh breakout. BTC price brews classic breakout signal as $105,000 and $103,000 are primed and ready for liquidity grab.
Key Terms
- Bitcoin
- Upside Breakout
- Liquidity Grab
- Triangle Pattern
- Converging Triangle
- Intraday Diamond Pattern Breakout
- Coinbase Spot Premium
- Outstanding Resistance
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