Bitcoin is currently moving within a channel that is different and more significant for us. Unlike the previous channel that formed above the 91K level (which we had discussed as a support zone), this new channel is forming below a resistance — and that’s a key difference.
Higher timeframe conditions are still stable and healthy. So far, there's no sign of sudden selling pressure that would indicate large-scale profit-taking. On the 4H chart, we’ve seen sharp moves with volume, which could suggest order clearance or partial take-profits. On the weekly chart, momentum and strength are weakening, volume is decreasing, and potential bearish divergence is appearing.
This is a choppy zone on the higher timeframes, so short-term bullish moves in lower timeframes are still justifiable.
Regarding the current channel:
If Bitcoin stabilizes above the channel’s upper boundary, it has the potential to move toward $112K.
As long as BTC remains inside the channel and doesn’t break down from it, a deeper correction is unlikely.
Important note:
This is not the time for aggressive or reckless risk-taking. FOMO is at extreme levels.
The best scenario would be a pullback for Bitcoin and re-entry at lower levels.
The
97K zone is still within reach.
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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.
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.