Patterns and Structure:
Bitcoin remains inside a larger converging structure (symmetrical triangle/wedge) visible from the diagonal trendline.
The price has recently broken above the descending resistance trendline but is hovering near the red resistance area (~$109,000–$110,000).
Ichimoku Cloud:
The price is currently above the Ichimoku Cloud, which acts as support (~$107,000–$108,000 area).
The cloud below the price is green, indicating bullish momentum.
Key Areas:
Resistance Area: $109,000–$110,000 (red box). Multiple previous rejections from this area.
Support Zone: $106,000–$107,000 (cloud and trendline support).
Key Lower Support: The green box near $98,000–$100,000, in case of a deeper retracement.
Possible Scenario:
As your blue arrow suggests, if Bitcoin consolidates above the breakout level (~$108,000), a rally towards the next major resistance between $112,000–$114,000 is likely.
Conversely, losing the breakout zone could see BTC return to retest lower support levels around $106,000 or $100,000.
Short-term Outlook:
The trend bias remains bullish as long as BTC stays above ~$107,000.
Monitor price reaction to the red resistance zone for breakout confirmation or potential rejection.
Conclusion:
BTC is showing signs of strength, but the $109,000-$110,000 resistance zone is crucial. A confirmed breakout above this zone could accelerate the move towards the $112,000-$114,000 targets.
Stay tuned for updates and key levels to watch!
Thanks for your support!
DYOR. NFA
Bitcoin remains inside a larger converging structure (symmetrical triangle/wedge) visible from the diagonal trendline.
The price has recently broken above the descending resistance trendline but is hovering near the red resistance area (~$109,000–$110,000).
Ichimoku Cloud:
The price is currently above the Ichimoku Cloud, which acts as support (~$107,000–$108,000 area).
The cloud below the price is green, indicating bullish momentum.
Key Areas:
Resistance Area: $109,000–$110,000 (red box). Multiple previous rejections from this area.
Support Zone: $106,000–$107,000 (cloud and trendline support).
Key Lower Support: The green box near $98,000–$100,000, in case of a deeper retracement.
Possible Scenario:
As your blue arrow suggests, if Bitcoin consolidates above the breakout level (~$108,000), a rally towards the next major resistance between $112,000–$114,000 is likely.
Conversely, losing the breakout zone could see BTC return to retest lower support levels around $106,000 or $100,000.
Short-term Outlook:
The trend bias remains bullish as long as BTC stays above ~$107,000.
Monitor price reaction to the red resistance zone for breakout confirmation or potential rejection.
Conclusion:
BTC is showing signs of strength, but the $109,000-$110,000 resistance zone is crucial. A confirmed breakout above this zone could accelerate the move towards the $112,000-$114,000 targets.
Stay tuned for updates and key levels to watch!
Thanks for your support!
DYOR. NFA
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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.
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.