The Bitcoin chart showcases an interesting confluence of bullish signals across multiple timeframes, potentially signaling the next move in this market cycle.
Technical Overview
2-Day Chart (Left Panel):
Bitcoin is testing the 0.618 Fibonacci retracement level at $96,338, a critical area where price often consolidates before continuation.
A developing rounded bottom pattern suggests a potential reversal, with the previous high at $99,800 acting as the next major resistance.
10-Hour Chart (Right Panel):
Price action reveals a clear double-bottom (W-formation) forming near the 0.5 Fibonacci
retracement level at $95,269, a bullish structure for a breakout.
The wick rejections in the yellow liquidity zone ($94,200 - $92,878) indicate strong buyer interest, reinforcing this support level.
Market Context
The liquidity zones highlighted on both charts emphasize the areas where demand is most concentrated. Historically, Bitcoin respects these zones during pullbacks, leading to sharp upward moves. With the current structure, a retest of the $99,800 previous high seems imminent.
Outlook
If Bitcoin holds the $96,338 support and breaks above $97,860, the market is well-positioned to retest $99,800 and potentially move into uncharted territory
Technical Overview
2-Day Chart (Left Panel):
Bitcoin is testing the 0.618 Fibonacci retracement level at $96,338, a critical area where price often consolidates before continuation.
A developing rounded bottom pattern suggests a potential reversal, with the previous high at $99,800 acting as the next major resistance.
10-Hour Chart (Right Panel):
Price action reveals a clear double-bottom (W-formation) forming near the 0.5 Fibonacci
retracement level at $95,269, a bullish structure for a breakout.
The wick rejections in the yellow liquidity zone ($94,200 - $92,878) indicate strong buyer interest, reinforcing this support level.
Market Context
The liquidity zones highlighted on both charts emphasize the areas where demand is most concentrated. Historically, Bitcoin respects these zones during pullbacks, leading to sharp upward moves. With the current structure, a retest of the $99,800 previous high seems imminent.
Outlook
If Bitcoin holds the $96,338 support and breaks above $97,860, the market is well-positioned to retest $99,800 and potentially move into uncharted territory
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.