The 72,000–74,000 support zone has managed to hold, preventing Bitcoin from dropping to the lower boundary of the trend channel. The current setup now resembles more of a wedge formation, which increases the probability of a bullish breakout.
That said, the broader trend remains intact, and until a confirmed breakout occurs, bears remain in control. Another test of the 72,000–74,000 support zone is likely. If it holds once more, bullish sentiment could receive a significant boost.
Alternatively, if the trend breaks beforehand, Bitcoin may undergo a correction that retests the trendline at some point, potentially offering a solid buying opportunity.
Over the medium term, I remain bullish on crypto.
That said, the broader trend remains intact, and until a confirmed breakout occurs, bears remain in control. Another test of the 72,000–74,000 support zone is likely. If it holds once more, bullish sentiment could receive a significant boost.
Alternatively, if the trend breaks beforehand, Bitcoin may undergo a correction that retests the trendline at some point, potentially offering a solid buying opportunity.
Over the medium term, I remain bullish on crypto.
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Bitcoin make one close above trend then today, it found support from that line. These are bullish signals.
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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.