The chart presents a bullish market structure following a significant recovery from a prior imbalance (IMB), triggering a strong bullish reaction. This bounce broke a descending channel and initiated a sharp move upward.
Price has since printed a new local high and formed a minor retracement, currently approaching a key breaker block in the $104,000–$105,000 region. This breaker aligns with a previous structure resistance-turned-support, suggesting potential continuation of the bullish momentum.
The structure suggests a likely scenario of a pullback into the breaker zone, followed by a potential resumption of the uptrend targeting new highs, possibly revisiting or surpassing the previous all-time high (ATH) around $112,000.
BTCUSD is showing signs of bullish continuation. A pullback to the $104K–$105K breaker zone could offer a favorable entry for long positions, with upside targets near ATH. A sustained breakdown below the breaker would invalidate this scenario and shift focus back toward lower support levels.
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Price has since printed a new local high and formed a minor retracement, currently approaching a key breaker block in the $104,000–$105,000 region. This breaker aligns with a previous structure resistance-turned-support, suggesting potential continuation of the bullish momentum.
The structure suggests a likely scenario of a pullback into the breaker zone, followed by a potential resumption of the uptrend targeting new highs, possibly revisiting or surpassing the previous all-time high (ATH) around $112,000.
BTCUSD is showing signs of bullish continuation. A pullback to the $104K–$105K breaker zone could offer a favorable entry for long positions, with upside targets near ATH. A sustained breakdown below the breaker would invalidate this scenario and shift focus back toward lower support levels.
___________________________________
Thanks for your support!
If you found this idea helpful, drop a like 🚀 and leave a comment, I’d love to hear your thoughts!
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.