Bitcoin’s price action has responded to the upper boundary of the channel, indicating a potential reversal. In the near term, we anticipate the development of a minor triangle pattern, which will likely precede a sharp upside break above the channel’s resistance. The subsequent reaction zone is expected to be situated around $100,000 ± $2,000, where a triangular or rectangular consolidation pattern will form, ultimately leading to a corrective move towards the broken channel’s upper boundary.
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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.