BTC : next wave will come soon
This 4-hour Bitcoin chart illustrates a few key technical insights:
Ascending Channel:
Bitcoin is trading within a well-defined ascending channel.
The upper and lower trendlines are respected, indicating a strong uptrend.
In addition we can see very reliable mideline.
Price Action:
The price is currently around $98,500, and it appears to be consolidating after a small retracement.
A potential bullish move is forecasted (green arrow) toward the upper trendline and resistance near $106,347.
Indicators (Visual):
Moving Averages: The chart likely includes the 50 SMA and 200 SMA for trend confirmation.
Also, the chart is trending bullish within the channel.
Predictions:
Bullish Scenario: If Bitcoin maintains its position within the ascending channel and breaks above $101,756, the next target would be $106,347 and potentially $109,172 near the upper channel boundary.
Bearish Scenario: If Bitcoin breaks below $96,000 and exits the ascending channel, it could revisit the $90,000 support area.
Recommendation:
Keep an eye on the key support and resistance levels.
Watch for volume confirmation for any breakout or breakdown.
Adjust stops to minimize risk near the lower channel boundary.
Enter: 98.3 K
Tp1: 101.7 k
Tp2: 104 K
Tp3: 106.3 K
Sl: 96 K
**This is just my idea, I will glad to see your comments**
Ascending Channel:
Bitcoin is trading within a well-defined ascending channel.
The upper and lower trendlines are respected, indicating a strong uptrend.
In addition we can see very reliable mideline.
Price Action:
The price is currently around $98,500, and it appears to be consolidating after a small retracement.
A potential bullish move is forecasted (green arrow) toward the upper trendline and resistance near $106,347.
Indicators (Visual):
Moving Averages: The chart likely includes the 50 SMA and 200 SMA for trend confirmation.
Also, the chart is trending bullish within the channel.
Predictions:
Bullish Scenario: If Bitcoin maintains its position within the ascending channel and breaks above $101,756, the next target would be $106,347 and potentially $109,172 near the upper channel boundary.
Bearish Scenario: If Bitcoin breaks below $96,000 and exits the ascending channel, it could revisit the $90,000 support area.
Recommendation:
Keep an eye on the key support and resistance levels.
Watch for volume confirmation for any breakout or breakdown.
Adjust stops to minimize risk near the lower channel boundary.
Enter: 98.3 K
Tp1: 101.7 k
Tp2: 104 K
Tp3: 106.3 K
Sl: 96 K
**This is just my idea, I will glad to see your comments**
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