Bitcoin is currently trading at $87,201 on the 4-hour chart, consolidating within an ascending channel. Price action suggests that bulls are maintaining control, but a breakout in either direction could dictate the next major move.
Key Observations
Bitcoin remains in a short-term uptrend, forming higher highs and higher lows within the ascending channel.
Immediate support is around $86,000, where the lower trendline of the channel aligns.
If Bitcoin breaks below the channel, next support levels are at $79,112 and $76,597, where strong demand has previously stepped in.
On the upside, resistance levels to watch are around $90,000, where the upper trendline of the channel meets previous supply zones. A clean breakout above this level could push Bitcoin toward $94,000 - $99,526.
Volume & Market Sentiment
Volume has been decreasing, which may indicate an upcoming larger move once liquidity returns.
If Bitcoin remains within this structure, the trend favors the bulls, but a breakdown below support could trigger increased selling pressure.
Potential Trade Setups
Bullish Scenario: A breakout above $90,000 with strong volume could signal continuation toward $94,000 - $99,526.
Bearish Scenario: A breakdown below $86,000 could lead to a drop toward $79,000 - $76,500 before finding strong support.
Bitcoin's short-term direction will depend on whether the channel holds or breaks. A confirmed breakout with volume will provide the next high-probability move. Watching $86,000 as key support and $90,000 as key resistance will be crucial in the coming days.
Key Observations
Bitcoin remains in a short-term uptrend, forming higher highs and higher lows within the ascending channel.
Immediate support is around $86,000, where the lower trendline of the channel aligns.
If Bitcoin breaks below the channel, next support levels are at $79,112 and $76,597, where strong demand has previously stepped in.
On the upside, resistance levels to watch are around $90,000, where the upper trendline of the channel meets previous supply zones. A clean breakout above this level could push Bitcoin toward $94,000 - $99,526.
Volume & Market Sentiment
Volume has been decreasing, which may indicate an upcoming larger move once liquidity returns.
If Bitcoin remains within this structure, the trend favors the bulls, but a breakdown below support could trigger increased selling pressure.
Potential Trade Setups
Bullish Scenario: A breakout above $90,000 with strong volume could signal continuation toward $94,000 - $99,526.
Bearish Scenario: A breakdown below $86,000 could lead to a drop toward $79,000 - $76,500 before finding strong support.
Bitcoin's short-term direction will depend on whether the channel holds or breaks. A confirmed breakout with volume will provide the next high-probability move. Watching $86,000 as key support and $90,000 as key resistance will be crucial in the coming days.
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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.