Hello traders, I want share with you my opinion about Bitcoin. The price was moving inside a strong upward channel, where it managed to break through the support level and then the resistance level, eventually reaching the seller zone. After that, BTC started to turn around and declined, once again breaking through the 109000 resistance level, this time from above. That movement also marked an exit from the upward channel. Following that, the price made a correction move down to the support level — the same zone that previously acted as a breakout area. From there, BTC showed strength again with a bullish impulse upward, returning to the Seller Zone. However, that rally was short-lived. The market started to decline again, this time forming a downward channel. Now the price is approaching the support line of this channel, which coincides with the support level around 100500 and the buyer zone between 99500 and 100500. I think BTC can decline a bit further to test this support line, and then rebound from this area, starting a new upward move toward the channel resistance line. That’s why I’ve set my TP at 106000 points, just below the resistance line. Given the structure and past reactions from these zones, I remain bullish and expect further growth after this local pullback. Please share this idea with your friends and click Boost 🚀
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Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
Trade closed: target reached
Very well! The price almost reached my TP.🔷Join my telegram channel for free - bit.ly/4g4wovR
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🔷Join my telegram channel for free - bit.ly/4g4wovR
💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8
ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq
💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8
ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq
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.