Technical analysis by anandahaidarr about Symbol BTC: Buy recommendation (10/31/2024)

The weekly BTC/USD chart above shows an Bullish Flag pattern, where Bitcoin’s price is trending upward within parallel support and resistance lines (yellow lines). This pattern often suggests a potential breakout if the price manages to break above the channel’s resistance. To set Fibonacci targets in the range of $90,000 to $100,000, let’s add levels that align with that price zone: 1. 150.00% ($90,000) - This can act as a strong psychological level within the bullish move, marking the start of the $90k range. 2. 161.80% ($94,407) - A common Fibonacci extension level that is close to the midpoint between $90k and $100k. 3. 175.00% ($100,000) - Reaching this level would mark a major milestone and could trigger significant profit-taking. These Fibonacci targets highlight possible resistance areas for Bitcoin within the $90k - $100k range, especially if momentum remains strong. This pattern suggests Bitcoin could keep climbing if a breakout happens, with these Fibonacci levels as possible profit-taking points.