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
Congrats on hitting our target! 🎯
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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.