BitcoinLong
What’s Next for Bitcoin?
Updated
BTCUSD4-Hour Chart Analysis
Bitcoin is currently trading at 95K during the European session and is showing signs of forming an Ascending Broadening Wedge, which traditionally indicates a long-term bearish trend. However, the 4-hour and 5-hour volume data do not yet align with the expectation of a price drop.
So, what’s next?
While the Broadening Wedge is typically bearish, the structure appears incomplete. Bitcoin is currently trading just above the lower trendline of the Rising Broadening Wedge, which serves as a strong support level. Based on this support, we anticipate the price will likely begin a bullish cycle from this level, eventually breaking through the ultimate psychological resistance at 100K and targeting 110K.
We believe that upon reaching around 110K level, the market structure will complete. At that point, we will provide further analysis on what to expect next. Stay tuned for updates!
Key Levels:
Strong Pivot [ Support]: 87,500
Ultimate Resistance: 100k
Price Target: 110k
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Ultimate Resistance: 100k Reached
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