Overview:
Bitcoin is currently in a consolidation phase within an ascending channel. It has retested a key support level at approximately $93,000, which aligns with historical demand zones. The chart also shows a descending triangle breakout, suggesting the potential for bullish continuation if key resistances are breached.
Key Observations:
Support Zone:
Strong support near $93,000.
This level has consistently acted as a foundation for upward momentum.
Resistance Levels:
Short-term resistance is visible around $101,000 - $109,000.
A breakout above $109,000 could target $120,000 and higher.
Ascending Channel:
Bitcoin is respecting the boundaries of the ascending channel.
The next test could push prices towards the upper boundary, near $132,000.
Bullish Indicator:
The breakout of the orange descending trendline indicates bullish strength.
Volume confirmation is needed to validate the move.
Potential Scenarios:
Bullish Case:
A breakout above $109,000 will confirm bullish momentum, with targets at $114,000 and $132,000.
Bearish Case:
If support at $93,000 fails, Bitcoin could retest lower levels in the $86,000 - $89,000 range.
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.