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Bitcoin Chart Analysis Signals Potential Upside Amidst Market Volatility

BITCOIN: PUMP not OVER
BITCOIN: PUMP not OVER

Technical analysis of Bitcoin’s 1-hour chart reveals potential for further upside movement, with a three-wave pattern suggesting a possible target range between $31,692 and $32,622. However, analysts are also cautious of a potential three-wave pattern to the downside, with support levels to watch around the 50 EMA and 50 SMA.

Different Perspectives on Bitcoin’s Price Action

While some analysts see $22,000 to $23,000 as a key support range for Bitcoin, others believe that altcoins may present opportunities during periods of Bitcoin’s decline.

Weekly Analysis Points to Bullish Close

A weekly close above $30,000 is seen as a bullish target for Bitcoin, while the 50 EMA (around $27,700) is a key level for the bears. Overall, a reasonably bullish weekly close is expected.

Conclusion: Bitcoin Poised for Potential Upward Movement

Despite the recent market volatility, technical analysis suggests that Bitcoin could be poised for further upward movement. However, it is important to pay attention to key support levels and price ranges.

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