BTC → long term view for BINANCE:BTCUSDT by melikatrader94

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.

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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 broker:: bit.ly/HYMCMELI
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