BTCUSD Technical Analysis.1. Overall Trend:
* The chart shows Bitcoin in a clear uptrend on the daily timeframe.
* Higher highs and higher lows have been forming, maintaining a bullish structure.
2. Key Levels:
* Resistance: $108,444 - $108,964 (as indicated by the Volume Profile High/Resistance Zone).
* Support:
* $101,000 (current pivot level near the Volume Point of Control or POC).
* $90,000 (secondary major support zone along the lower trendline).
* Critical Level: $58,707 (significant lower support in case of an extended pullback).
3. Trendline Analysis:
* The price is trading within an ascending channel.
* The lower trendline around $90,000 provides strong dynamic support, while the upper trendline near $150,000 indicates a potential bullish breakout target over the medium term.
4. Volume Profile:
* High trading volume near $101,000 suggests this level is acting as a key pivot zone. Sustained trading above this level is essential for further bullish continuation.
5. Indicators:
* Volume: Recent candles show moderate buying interest, but a breakout above resistance at $108,444 requires stronger volume confirmation.
* Momentum: Likely positive as Bitcoin attempts to retest the resistance zone.
Market Scenarios
Bullish Scenario:
* Conditions:
* If Bitcoin breaks above the $108,444 - $108,964 resistance zone, the next bullish targets would be:
* Target 1: $120,000.
* Target 2: $149,000 (upper boundary of the ascending channel).
* Momentum needs to align with strong volume for this breakout.
* Catalysts:
* Positive macroeconomic developments, favorable sentiment, or significant institutional buying.
Bearish Scenario:
* Conditions:
* If Bitcoin fails to hold the $101,000 level and breaks below $90,000 (trendline support), the next bearish targets would be:
* Target 1: $70,000.
* Target 2: $58,707 (critical lower support zone).
* Catalysts:
* Negative news (regulatory actions, macroeconomic instability), or lack of buying interest.
Neutral Scenario:
* Bitcoin consolidates between $101,000 and $108,000, building a base for the next significant move. A prolonged consolidation phase may indicate indecision in the market.
Prediction and My Thoughts
* Bitcoin is currently bullish but faces a key resistance zone at $108,444 - $108,964.
* The ascending channel provides a clear pathway for price action, with potential targets at $120,000 and beyond if the resistance zone is cleared.
* However, failure to sustain above $101,000 could lead to a pullback toward $90,000 or lower.
* Watch for volume and momentum as critical confirmation signals for any breakout or breakdown.
