BTC is on the way .BUY DIP
Observations:
Ascending Channel:
The price is respecting an upward-sloping channel (orange lines), indicating a bullish trend since mid-2022.
The lower boundary serves as strong support, while the upper boundary acts as resistance.
Support Zones:
Two green rectangles highlight potential demand zones around $82,290 and slightly higher. These zones are likely areas where buyers are expected to step in if the price corrects further.
Resistance Levels:
Key resistance levels are marked with red lines: $108,171, $131,987, $175,479, and $232,111. These may act as profit-taking zones if the price continues to rally.
Current Price Action:
The price ($98,687) seems to be consolidating near the upper range of the channel. If it breaks out above this range, a more significant rally could follow.
Alternatively, a rejection here could trigger a pullback toward the support zones.
Possible Scenarios:
Bullish Case:
A breakout above the upper channel boundary could lead to testing the $108,171 resistance. Sustained momentum may target the next resistance levels at $131,987 and beyond.
Bearish Case:
If the price fails to break the resistance and drops, the first support to watch is around $82,290. A deeper correction might revisit the channel's lower boundary.
Neutral/Consolidation:
The price could consolidate within the $90,000–$100,000 range before making a decisive move.
Ascending Channel:
The price is respecting an upward-sloping channel (orange lines), indicating a bullish trend since mid-2022.
The lower boundary serves as strong support, while the upper boundary acts as resistance.
Support Zones:
Two green rectangles highlight potential demand zones around $82,290 and slightly higher. These zones are likely areas where buyers are expected to step in if the price corrects further.
Resistance Levels:
Key resistance levels are marked with red lines: $108,171, $131,987, $175,479, and $232,111. These may act as profit-taking zones if the price continues to rally.
Current Price Action:
The price ($98,687) seems to be consolidating near the upper range of the channel. If it breaks out above this range, a more significant rally could follow.
Alternatively, a rejection here could trigger a pullback toward the support zones.
Possible Scenarios:
Bullish Case:
A breakout above the upper channel boundary could lead to testing the $108,171 resistance. Sustained momentum may target the next resistance levels at $131,987 and beyond.
Bearish Case:
If the price fails to break the resistance and drops, the first support to watch is around $82,290. A deeper correction might revisit the channel's lower boundary.
Neutral/Consolidation:
The price could consolidate within the $90,000–$100,000 range before making a decisive move.
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