Bitcoin bulls back in town after weekly breakout

<p><strong>By <a href="http://investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a> </strong></p>
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<li><span lang="EN-US" xml:lang="EN-US">Bitcoin bullish on D1 timeframe<br />
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<li><span lang="EN-US" xml:lang="EN-US">W1 support could provide long opportunity<br />
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<li><span lang="EN-US" xml:lang="EN-US">Prices above 50 LWMA on H4 timeframe<br />
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<li><span lang="EN-US" xml:lang="EN-US">4 potential bullish targets if 43865.08 breached<br />
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<li><span lang="EN-US" xml:lang="EN-US">Bullish scenario invalidated below 41597.80</span></li>
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<h3>Bitcoin kicked of the week charging through a significant resistance level at 42053.06, signalling the start of a potential uptrend on the daily timeframe.</h3>
<p><span lang="EN-US" xml:lang="EN-US">This was confirmed by the most recent higher bottom and higher top created in yesterday’s trading session. Despite the bullish outlook, bears are currently busy with a correction wave and will be aiming at the weekly resistance turned support to test the bullish resolve.</span></p>
<p><span lang="EN-US" xml:lang="EN-US"><strong>Nevertheless, this sets up possible long opportunities on lower time frames</strong> if the bulls can regain their momentum and keep on dominating the market. </span></p>
<p><img fetchpriority="high" decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/BITCOINDaily_31012024.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="1fca63fe-55e8-4177-ad87-e76db7feaffb" data-src="/s3-static/users/user17/BITCOINDaily_31012024.png" /></p>
<p><span lang="EN-US" xml:lang="EN-US">On the 4-hour chart a beautiful uptrend is in progress with consecutively higher tops and bottom in place. The price is also above the <strong>50 Linear Weighted Moving Average </strong>with the Momentum and the Moving Average Convergence Divergence (MACD) oscillators in clear bullish terrain. </span></p>
<p><span lang="EN-US" xml:lang="EN-US">If the price reaches the <strong>43865.08 level,</strong> yet another higher top will be in process, and this presents a long opportunity.</span></p>
<p><span lang="EN-US" xml:lang="EN-US">Attaching a modified Fibonacci tool to the trigger level at <strong>43865.08</strong> and dragging it to the last higher bottom at <strong>41597.80</strong>, <strong>four possible</strong> conservative </span><span lang="EN-US" xml:lang="EN-US">targets can be determined:</span></p>
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<h3><span lang="EN-US" xml:lang="EN-US">Target 1: 44771.99</span></h3>
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<h3><span lang="EN-US" xml:lang="EN-US">Target 2: 45225.45 </span></h3>
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<h3><span lang="EN-US" xml:lang="EN-US">Target 3: 46132.36</span></h3>
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<h3><span lang="EN-US" xml:lang="EN-US">Target 4: 47266.00</span></h3>
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<p><img decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/BITCOINH4_31012024.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="3cb2bc8e-4f32-402b-8ae6-e2864e137e76" data-src="/s3-static/users/user17/BITCOINH4_31012024.png" /></p>
<p><span lang="EN-US" xml:lang="EN-US">If the price breaks past the <strong>41597.80</strong> level, this opportunity is no longer feasible, and a short opportunity might become possible from a <strong>4-hour market structure point of view.  </strong></span></p>
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