BitcoinLong
BITCOIN (BTC/USD) BASED ON 1H-TIME FRAME ANALYSIS,
Updated
Based on the chart you provided, here's the current analysis:
1. **Current Price Action**:
- BTC is trading near 97,800, within a rising channel.
- There are visible higher highs (HH) and higher lows (HL), confirming the bullish momentum in the short term.
2. **Resistance Zone**:
- The key resistance is marked at 99,000 (blue zone), where BTC previously reversed. This is a strong area to watch for potential selling pressure.
3. **Support Levels**:
- Immediate support lies near 97,000 (orange zone).
- A deeper support zone is visible around 95,500 to 96,000, which aligns with previous demand and bullish order blocks.
4. **Potential Scenarios**:
- If the price continues its upward trend, a test of the 99,000 resistance zone seems likely.
- Rejection from 99,000 could signal a retracement back to the 97,000 or even the 96,000 level for support retests.
- Breaking and closing above 99,000 might open the door for BTC to target higher levels, possibly 100,000 or beyond.
5. **Market Structure**:
- The chart shows a recent break of structure (BoS) to the upside, indicating bullish strength.
- However, keep an eye on any potential change of character (ChoCh) near the resistance zones, which might suggest a reversal or slowdown.
My Suggestion:
- **For Bulls**: Look for buying opportunities on pullbacks near the 97,000 or 96,000 support zones with a target near 99,000.
- **For Bears**: Wait for confirmation of rejection near the 99,000 resistance zone before considering a sell, targeting the lower support zones (97,000 or 96,000).
Trade closed: target reached
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