BTC → long term viewhello 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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