Bitcoin has been on an impressive run lately, reclaiming levels above 100K and showing strong bullish structure across higher timeframes. But now it’s approaching a major resistance zone near 104K–105K, and the price action is starting to look like it’s at a crossroads.
What the Charts Are Telling Us:
🔹 Daily Timeframe:
BTC is currently hugging the top of a long-standing ascending channel.
It’s testing a key supply zone, where we’ve seen previous sell-offs.
There’s been a clear bullish breakout structure (Choch → BoS), but the rally is losing steam here.
RSI is hovering in the 75+ range – signaling overbought territory.
Volume is not following through strongly on this latest move, which could mean bulls are running low on fuel.
🔹 4H View:
A rising wedge has formed near resistance – usually a sign of slowing momentum and possible reversal.
Price is consolidating just below the 104K mark, forming lower highs.
A clean break above this with strong volume could trigger a bullish continuation, but if we break below 102K, we might be in for a pullback.
Below us, the 97K–98K range is packed with demand and could offer strong support if we dip.
🔹 30-Minute Zoom-In:
Very tight range forming between ~102.8K and ~104.2K – classic squeeze.
Momentum indicators (RSI, MACD) are showing early signs of bearish divergence.
If bulls can’t push through soon, we might see a short-term breakdown before any bigger move resumes.
Trade Ideas:
Scenario 1 – Bullish Breakout:
Entry: Above 104.5K with strong volume
Targets: 108K → 114K
Stop Loss: Below 102K
Scenario 2 – Bearish Rejection:
Entry: Rejection around 104K–105K
Targets: 98K → 92K
Stop Loss: Above 105.5K
📝 Final Thoughts:
BTC is at a do-or-die level right now. Either we break cleanly above this resistance and see continuation, or this becomes a classic fakeout followed by a correction. No need to rush in – let the chart give you confirmation. The structure is still bullish on higher timeframes, but short-term traders should be cautious here.
What the Charts Are Telling Us:
🔹 Daily Timeframe:
BTC is currently hugging the top of a long-standing ascending channel.
It’s testing a key supply zone, where we’ve seen previous sell-offs.
There’s been a clear bullish breakout structure (Choch → BoS), but the rally is losing steam here.
RSI is hovering in the 75+ range – signaling overbought territory.
Volume is not following through strongly on this latest move, which could mean bulls are running low on fuel.
🔹 4H View:
A rising wedge has formed near resistance – usually a sign of slowing momentum and possible reversal.
Price is consolidating just below the 104K mark, forming lower highs.
A clean break above this with strong volume could trigger a bullish continuation, but if we break below 102K, we might be in for a pullback.
Below us, the 97K–98K range is packed with demand and could offer strong support if we dip.
🔹 30-Minute Zoom-In:
Very tight range forming between ~102.8K and ~104.2K – classic squeeze.
Momentum indicators (RSI, MACD) are showing early signs of bearish divergence.
If bulls can’t push through soon, we might see a short-term breakdown before any bigger move resumes.
Trade Ideas:
Scenario 1 – Bullish Breakout:
Entry: Above 104.5K with strong volume
Targets: 108K → 114K
Stop Loss: Below 102K
Scenario 2 – Bearish Rejection:
Entry: Rejection around 104K–105K
Targets: 98K → 92K
Stop Loss: Above 105.5K
📝 Final Thoughts:
BTC is at a do-or-die level right now. Either we break cleanly above this resistance and see continuation, or this becomes a classic fakeout followed by a correction. No need to rush in – let the chart give you confirmation. The structure is still bullish on higher timeframes, but short-term traders should be cautious here.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Related publications
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Related publications
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.