1. Trend Overview (Short- to Mid-Term)
• Bitcoin is in a strong uptrend, supported by the steep rise from ~84,000 to over 104,000.
• The price is currently in a consolidation zone near recent highs, indicating indecision but not yet weakness.
• The price is above all major moving averages (9 EMA, 20 SMA, 50 SMA, 200 SMA) — a classic bullish structure.
• However, the sharp angle of the short-term trendline shows the rally may be overextended and vulnerable to a pullback.
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2. Price Action & Candle Pattern
• The recent small-bodied candles with long upper wicks show buying pressure weakening near 104,000 — a common sign of exhaustion or distribution.
• No strong bullish engulfing or reversal candles yet — currently a neutral-to-cautious stance.
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3. Volume Analysis
• Volume has decreased during this sideways movement.
• This hints at buyer fatigue or waiting for a catalyst.
• Volume spikes were mostly seen on bullish candles earlier, showing strong buying interest earlier in the rally, but less so now.
4. Key Technical Levels
Resistance
104,000
Multiple rejections here; breakout level for bullish continuation
Support
102,100–102,800
Confluence of 9 EMA and rising trendline — make-or-break zone
Support
100,000
Psychological round number + recent base
Support
98,600
20 SMA support — deeper correction zone if trend breaks
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5. Pattern and Risk Assessment
• A rising wedge pattern appears to be forming — typically bearish if confirmed.
• The uptrend is intact, but:
• A close below 102,100 on higher volume could trigger a short-term pullback toward 100,000 or 98,600.
• A close above 104,000 with volume would confirm bullish continuation.
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Overall Conclusion
Bitcoin remains technically bullish, but it’s now at a critical decision point:
• As long as price stays above the 102,100–102,800 zone, bulls are in control.
• Watch volume closely — low volume favors pullback; high-volume breakout above 104,000 favors another leg higher.
• A rising wedge + weakening volume implies caution — partial profit-taking or tight stop-losses would be prudent for short-term traders.
• Bitcoin is in a strong uptrend, supported by the steep rise from ~84,000 to over 104,000.
• The price is currently in a consolidation zone near recent highs, indicating indecision but not yet weakness.
• The price is above all major moving averages (9 EMA, 20 SMA, 50 SMA, 200 SMA) — a classic bullish structure.
• However, the sharp angle of the short-term trendline shows the rally may be overextended and vulnerable to a pullback.
⸻
2. Price Action & Candle Pattern
• The recent small-bodied candles with long upper wicks show buying pressure weakening near 104,000 — a common sign of exhaustion or distribution.
• No strong bullish engulfing or reversal candles yet — currently a neutral-to-cautious stance.
⸻
3. Volume Analysis
• Volume has decreased during this sideways movement.
• This hints at buyer fatigue or waiting for a catalyst.
• Volume spikes were mostly seen on bullish candles earlier, showing strong buying interest earlier in the rally, but less so now.
4. Key Technical Levels
Resistance
104,000
Multiple rejections here; breakout level for bullish continuation
Support
102,100–102,800
Confluence of 9 EMA and rising trendline — make-or-break zone
Support
100,000
Psychological round number + recent base
Support
98,600
20 SMA support — deeper correction zone if trend breaks
⸻
5. Pattern and Risk Assessment
• A rising wedge pattern appears to be forming — typically bearish if confirmed.
• The uptrend is intact, but:
• A close below 102,100 on higher volume could trigger a short-term pullback toward 100,000 or 98,600.
• A close above 104,000 with volume would confirm bullish continuation.
⸻
Overall Conclusion
Bitcoin remains technically bullish, but it’s now at a critical decision point:
• As long as price stays above the 102,100–102,800 zone, bulls are in control.
• Watch volume closely — low volume favors pullback; high-volume breakout above 104,000 favors another leg higher.
• A rising wedge + weakening volume implies caution — partial profit-taking or tight stop-losses would be prudent for short-term traders.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.