BTC → two possible scenarios
hello guys.
1. Price Action & Market Structure:
• Bitcoin has experienced a sharp drop, followed by a recovery within a bullish channel.
• The price is currently consolidating near the upper middle of the channel, which may indicate either a continuation of the upward trend or a potential reversal depending on how it interacts with key levels.
2. Key Levels:
• Scenario 1 Zone (~$59,400): This is a key support zone. If the price respects this zone and bounces off it, it could continue its upward trajectory, aiming for the $64,085.87 resistance level.
• Scenario 2 Zone (~$57,571.68): If the price fails to hold above Scenario 1 and drops below, this area could serve as the next significant support. A bounce from here might also propel the price upwards but with a lower likelihood of reaching the $64,085.87 target compared to Scenario 1.
3. Bullish Channel:
• The price has been moving within a rising channel, suggesting a controlled bullish trend. As long as the price remains within this channel, the bias remains bullish.
• The channel's upper boundary aligns with the $64,085.87 resistance level, which could be the ultimate target if the bullish momentum continues.
4. Scenarios:
• Scenario 1: The price pulls back slightly to the yellow support zone around $59,400, finds support, and then continues upwards towards the $64,085.87 resistance.
• Scenario 2: The price breaks below the first support zone and finds stronger support around $57,571.68, then attempts another move upwards, possibly back towards the channel or slightly below it.
Summary:
• Current Trend: Bitcoin is in a short-term bullish trend within a rising channel.
• Scenario 1: Support at ~$59,400 holds, leading to a potential rise towards the $64,085.87 resistance.
• Scenario 2: If support at $59,400 fails, look for support around $57,571.68, with potential upside but possibly less strength.
• Outlook: As long as the price remains within the channel, the overall trend remains bullish.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
1. Price Action & Market Structure:
• Bitcoin has experienced a sharp drop, followed by a recovery within a bullish channel.
• The price is currently consolidating near the upper middle of the channel, which may indicate either a continuation of the upward trend or a potential reversal depending on how it interacts with key levels.
2. Key Levels:
• Scenario 1 Zone (~$59,400): This is a key support zone. If the price respects this zone and bounces off it, it could continue its upward trajectory, aiming for the $64,085.87 resistance level.
• Scenario 2 Zone (~$57,571.68): If the price fails to hold above Scenario 1 and drops below, this area could serve as the next significant support. A bounce from here might also propel the price upwards but with a lower likelihood of reaching the $64,085.87 target compared to Scenario 1.
3. Bullish Channel:
• The price has been moving within a rising channel, suggesting a controlled bullish trend. As long as the price remains within this channel, the bias remains bullish.
• The channel's upper boundary aligns with the $64,085.87 resistance level, which could be the ultimate target if the bullish momentum continues.
4. Scenarios:
• Scenario 1: The price pulls back slightly to the yellow support zone around $59,400, finds support, and then continues upwards towards the $64,085.87 resistance.
• Scenario 2: The price breaks below the first support zone and finds stronger support around $57,571.68, then attempts another move upwards, possibly back towards the channel or slightly below it.
Summary:
• Current Trend: Bitcoin is in a short-term bullish trend within a rising channel.
• Scenario 1: Support at ~$59,400 holds, leading to a potential rise towards the $64,085.87 resistance.
• Scenario 2: If support at $59,400 fails, look for support around $57,571.68, with potential upside but possibly less strength.
• Outlook: As long as the price remains within the channel, the overall trend remains bullish.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Trade active
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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.