BTC → long term view

hello guys.

let's dive into BTC.

Support and Demand (S&D) Zone:

The S&D zone marked on the chart around the $49,500 level has acted as a strong support during the last downward movement.
If the price retraces, this zone is likely to serve as a critical support area, potentially offering a buying opportunity.

Potential Bullish Scenario:

If Bitcoin continues its upward momentum, it could test the upper wedge line, which is currently around the $70,000 mark.
A breakout above this wedge could signal a significant bullish move, potentially leading to a new uptrend.

Summary

Broadening Wedge Pattern: Indicates increasing volatility with higher highs and lower lows.
Current Position: Bitcoin is moving towards the upper wedge line after bouncing from the lower wedge line.
Support Zone: The S&D zone around $49,500 acts as critical support; a key level to watch if the price retraces.
Bullish Scenario: Potential move toward $70,000 if the upward momentum continues and the upper wedge line is tested.

___________________________

✓✓✓ Always do your research.

❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.

❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment

Note

the short term time frame perspective

Trade closed: target reached

#btc #btcusdt #btcusd
☄️ The target of the short-term time frame was touched

melikatrader94

👉 My recommended exchange: promote.mexc.com/a/64IZV8fu
____

👉 My recommended broker: bit.ly/HYMCMELI
____

Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex

Also on:

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.