Bitcoin (BTC) is currently trading near a key horizontal support zone around $102,000, while still maintaining structure within a larger ascending channel pattern. After a period of consolidation and rejection from the channel resistance (near $110,000), price action appears to be attempting a bullish reversal from the lower channel boundary.
Technical Indicators:
BTCUSD
Stochastic RSI (3,3,14,14)
Entered the oversold zone and showing a bullish crossover, suggesting a potential short-term reversal or bounce.
This crossover historically aligns with local price bottoms and upward momentum in BTC.
MACD (12,26,9)
The histogram is flattening and turning positive, and the MACD line is approaching a crossover above the signal line.
This is a classic early bullish signal that may indicate growing buying pressure in the coming sessions.
Chart Structure & Key Levels:
BTC is still respecting the ascending channel since late 2024.
The blue horizontal support near $102,000 has acted multiple times as a demand zone.
A blue arrow is placed to suggest a likely bullish move from this key level toward the top of the channel.
If support breaks down, the next strong horizontal support lies around $91,300.
Conclusion (Short-Term Bias):
Bullish signals from both momentum indicators support the idea of a short-term bounce or relief rally.
For confirmation, traders should watch for a daily close above $103,000–$104,000, which may trigger further bullish continuation toward $107,000–$110,000.
Risk remains if the price breaks below the ascending channel support; in such a case, downside targets are $97,000 and $91,300.
Note:
Traders may consider this as a "buy-the-dip" opportunity, but should wait for confirmation (e.g., bullish candle close, volume spike, or indicator confirmation) before entering. Proper risk management and stop-loss placement below the recent swing low are advised.
Technical Indicators:
BTCUSD Stochastic RSI (3,3,14,14)
Entered the oversold zone and showing a bullish crossover, suggesting a potential short-term reversal or bounce.
This crossover historically aligns with local price bottoms and upward momentum in BTC.
MACD (12,26,9)
The histogram is flattening and turning positive, and the MACD line is approaching a crossover above the signal line.
This is a classic early bullish signal that may indicate growing buying pressure in the coming sessions.
Chart Structure & Key Levels:
BTC is still respecting the ascending channel since late 2024.
The blue horizontal support near $102,000 has acted multiple times as a demand zone.
A blue arrow is placed to suggest a likely bullish move from this key level toward the top of the channel.
If support breaks down, the next strong horizontal support lies around $91,300.
Conclusion (Short-Term Bias):
Bullish signals from both momentum indicators support the idea of a short-term bounce or relief rally.
For confirmation, traders should watch for a daily close above $103,000–$104,000, which may trigger further bullish continuation toward $107,000–$110,000.
Risk remains if the price breaks below the ascending channel support; in such a case, downside targets are $97,000 and $91,300.
Note:
Traders may consider this as a "buy-the-dip" opportunity, but should wait for confirmation (e.g., bullish candle close, volume spike, or indicator confirmation) before entering. Proper risk management and stop-loss placement below the recent swing low are advised.
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.
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.