BTCUSDT recently broke out of a Bull Pennant / Falling Wedge, and seems to be retesting the resistance as support.This follows two leading RSI signals:
• RSI downtrend breakout
• RSI bull divergence
Breakout Targets
• $115K — Falling Wedge measured move
• $130K — Pennant projection
Key Levels to Watch
• $72K — Main support + invalidation (former resistance + 0.618 Fib from 49K–109K)
• $91.5K — Prior support, now a key resistance to reclaim
• $109.5K — All-Time High
Note
Wedge/Pennant playing out perfectly so far for BTC.The next resistance is the $106k-$109.5k supply zone, and the targets remain the same:
• $115K — Falling Wedge measured move
• $130K — Pennant projection
Note
BTC is attempting to break below its uptrend channel support.If confirmed with a daily close, we could see a larger pullback to fill the unmitigated FVGs around ~$100k and ~$90k.
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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.