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Hidden Bullish Divergence Hints at Major Breakout, Bitcoin’s Secret Signal?
A recent analysis suggests that Bitcoin is on the cusp of a major breakout, driven by a hidden bullish divergence. This signal has historically preceded massive price surges, with previous instances resulting in nearly 90% gains.
According to analyst JavonMarks, this indicator signals a strong continuation pattern for Bitcoin, implying a powerful upward move could be imminent. The discovery of this divergence marks an exciting development for investors and traders alike, as it may signal the beginning of a new rally.
One of the primary indicators supporting this potential breakout is the hidden bullish divergence itself. This phenomenon occurs when the price of Bitcoin remains stable or increases while the oscillator makes lower lows. This behavior has consistently validated the reliable indicator of an impending rise.
Furthermore, historical confirmations that preceded significant price gains have been marked by green arrows on the chart. Each instance of this occurrence supported Bitcoin’s underlying bullish trend and came before higher movements in its price.
In addition to these indicators, a recent correction’s stabilization near a significant trendline has raised expectations for another potential breakout. This close proximity could lead to a breakthrough and propel the cryptocurrency’s value upward.
On the other hand, there is resistance in Bitcoin dominance that may indicate a market rotation. As seen in the chart provided by Crypto Fella, Bitcoin dominance has been rising since mid-2022, forming higher lows and maintaining an upward trajectory. However, it recently encountered strong resistance, marked by a purple box on the chart.
It is essential to note that this level has historically triggered selling pressure, resulting in pullbacks. Nevertheless, market momentum appears to align with historical patterns, suggesting that the cryptocurrency could be preparing for temporary weakness before making another strong push.
Source: https://cryptonewsland.com/hidden-bullish-divergence-hints-at-major-breakout-bitcoins-secret-signal/
