Bitcoin Continues Consolidating Within Key Range
Chart Analysis:
Bitcoin remains in a long-term uptrend, supported by an ascending trendline (black line) and recently consolidating within a rectangular range near $96,000.
1️⃣ Ascending Trendline:
The long-term trendline continues to act as dynamic support, underpinning Bitcoin's bullish structure.
Traders may watch for price reactions near this trendline for potential bounce opportunities.
2️⃣ Key Range:
Bitcoin is consolidating between $96,000 (support) and $110,000 (resistance).
A breakout above $110,000 would confirm bullish momentum, while a break below $96,000 could signal downside risks.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned near $91,000, providing short-term dynamic support.
200-day SMA (red): Rising around $70,000, confirming the long-term bullish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 51, indicating neutral momentum after cooling off from overbought conditions.
MACD: Momentum remains positive, but recent consolidation has led to a flattening trend in the MACD.
What to Watch:
Monitor the $96,000-$110,000 range for potential breakout opportunities.
A breakout above $110,000 could target new highs, while a drop below $96,000 may test the ascending trendline or lower supports.
Look for RSI or MACD divergences to confirm breakout direction.
Bitcoin remains within a bullish structure, with the ascending trendline and moving averages providing key levels to follow. The consolidation phase offers a clear technical setup for the next directional move.
-MW
Bitcoin remains in a long-term uptrend, supported by an ascending trendline (black line) and recently consolidating within a rectangular range near $96,000.
1️⃣ Ascending Trendline:
The long-term trendline continues to act as dynamic support, underpinning Bitcoin's bullish structure.
Traders may watch for price reactions near this trendline for potential bounce opportunities.
2️⃣ Key Range:
Bitcoin is consolidating between $96,000 (support) and $110,000 (resistance).
A breakout above $110,000 would confirm bullish momentum, while a break below $96,000 could signal downside risks.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned near $91,000, providing short-term dynamic support.
200-day SMA (red): Rising around $70,000, confirming the long-term bullish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 51, indicating neutral momentum after cooling off from overbought conditions.
MACD: Momentum remains positive, but recent consolidation has led to a flattening trend in the MACD.
What to Watch:
Monitor the $96,000-$110,000 range for potential breakout opportunities.
A breakout above $110,000 could target new highs, while a drop below $96,000 may test the ascending trendline or lower supports.
Look for RSI or MACD divergences to confirm breakout direction.
Bitcoin remains within a bullish structure, with the ascending trendline and moving averages providing key levels to follow. The consolidation phase offers a clear technical setup for the next directional move.
-MW
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.