BTCUSD, Binance Futures, 1WThis week, BTCUSD exhibited mixed price action, consolidating below key resistance at $106,654. A cup and handle pattern on the weekly timeframe suggests a continuation of the bullish trend, yet short-term indicators point to potential retracement before a breakout.
Key observations:
Resistance: $106,654 and $109,852.
Support: $96,000 and $88,527.
Pattern formations: Rising wedge, inverse head and shoulders, and potential double top formation.
Market sentiment remains cautiously optimistic, with traders watching for confirmation of trend continuation or breakdown from the current range.
🔍 Short-Term Forecast:
BTC is currently testing lower trendline support within a rising wedge structure. If it breaks below $96,000, a deeper pullback toward $88,527 is likely. However, reclaiming $100,000 with strong volume could trigger a breakout to new highs.
🔮 Long-Term Outlook:
The cup and handle pattern on the weekly chart suggests a bullish breakout toward $122,400, provided BTC maintains support above $96,000. A confirmed move above $109,852 would likely validate this target. Conversely, failure to hold current support levels may lead to a test of $73,000–$76,000 before further upside.
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