BitcoinLong
BITCOIN update
This chart is a **BTCUSD (Bitcoin to US Dollar)** analysis on the **30-minute timeframe**
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### 1. **Key Levels and Zones**
- **Resistance Zone (Blue):**
- This area is marked between **102,572** and **103,591**.
- BTCUSD has previously attempted to break through this zone multiple times but has been rejected, as shown by the highlighted circles at the top.
- If Bitcoin breaks above this level and closes above 103,000, it could signal a potential **bullish breakout** toward new highs.
- **Support Zone (Green):**
- Key support is located between **98,956** and **99,318**.
- BTCUSD has previously rebounded from this support level, as indicated by the blue circles near the bottom.
- This zone aligns with the ascending trendline, which suggests **higher lows** and ongoing bullish momentum.
- **Demand Zone (Red):**
- The red zone between **96,215** and **96,450** acts as a **strong support area**.
- If BTCUSD fails to hold the green zone, price might retrace toward this area, making it a key demand zone for buyers.
- **Low-Level Support (Yellow):**
- A final support near **94,229**.
- This level is likely to act as the last line of defense for bulls in case of a sharp downturn.
---
### 2. **Trendlines**
- **Ascending Trendline:**
- A diagonal trendline starting from the lows in the red zone (around December 10) continues to support BTCUSD's bullish trajectory.
- This trendline has been tested multiple times and continues to provide upward momentum.
- **Projected Path:**
- A black arrow indicates the anticipated market movement.
- A possible scenario is BTCUSD testing the blue resistance zone again. If rejected, it may bounce off the ascending trendline before attempting another breakout.
- A **successful breakout** above **103,591** could initiate a continuation of the bullish trend.
---
### 3. **Market Structure**
- BTCUSD is currently in an **uptrend**, forming a series of **higher highs** and **higher lows**.
- Price action suggests consolidation near the **resistance zone** as buyers and sellers battle for control.
---
### 4. **Scenarios to Watch**
1. **Bullish Breakout:**
- If BTCUSD breaks above **103,591** with strong volume, it could trigger a continuation rally.
- Traders may look for a retest of the resistance zone (now turned support) to confirm the breakout.
2. **Bearish Rejection:**
- A rejection from the **102,572 - 103,591** area could push BTCUSD back toward the **green support zone** around **99,318**.
- Failure to hold this level may lead to further downside toward the **red demand zone** (96,215 - 96,450).
3. **Trendline Retest:**
- The ascending trendline is a key level for bullish momentum.
- A successful bounce off this trendline would confirm buyers are still in control.
---
### 5. **Summary and Recommendations**
- **Current Sentiment:** Slightly bullish as BTCUSD maintains higher lows and respects the ascending trendline.
- **Key Resistance:** **102,572 - 103,591** (blue zone).
- **Key Support:** **98,956 - 99,318** (green zone).
- **Bullish Trigger:** Breakout above **103,591**.
- **Bearish Trigger:** Break below **98,956**, leading to **96,215**.
Traders should monitor volume and price action near the blue resistance zone and ascending trendline for further confirmation.
---
### 1. **Key Levels and Zones**
- **Resistance Zone (Blue):**
- This area is marked between **102,572** and **103,591**.
- BTCUSD has previously attempted to break through this zone multiple times but has been rejected, as shown by the highlighted circles at the top.
- If Bitcoin breaks above this level and closes above 103,000, it could signal a potential **bullish breakout** toward new highs.
- **Support Zone (Green):**
- Key support is located between **98,956** and **99,318**.
- BTCUSD has previously rebounded from this support level, as indicated by the blue circles near the bottom.
- This zone aligns with the ascending trendline, which suggests **higher lows** and ongoing bullish momentum.
- **Demand Zone (Red):**
- The red zone between **96,215** and **96,450** acts as a **strong support area**.
- If BTCUSD fails to hold the green zone, price might retrace toward this area, making it a key demand zone for buyers.
- **Low-Level Support (Yellow):**
- A final support near **94,229**.
- This level is likely to act as the last line of defense for bulls in case of a sharp downturn.
---
### 2. **Trendlines**
- **Ascending Trendline:**
- A diagonal trendline starting from the lows in the red zone (around December 10) continues to support BTCUSD's bullish trajectory.
- This trendline has been tested multiple times and continues to provide upward momentum.
- **Projected Path:**
- A black arrow indicates the anticipated market movement.
- A possible scenario is BTCUSD testing the blue resistance zone again. If rejected, it may bounce off the ascending trendline before attempting another breakout.
- A **successful breakout** above **103,591** could initiate a continuation of the bullish trend.
---
### 3. **Market Structure**
- BTCUSD is currently in an **uptrend**, forming a series of **higher highs** and **higher lows**.
- Price action suggests consolidation near the **resistance zone** as buyers and sellers battle for control.
---
### 4. **Scenarios to Watch**
1. **Bullish Breakout:**
- If BTCUSD breaks above **103,591** with strong volume, it could trigger a continuation rally.
- Traders may look for a retest of the resistance zone (now turned support) to confirm the breakout.
2. **Bearish Rejection:**
- A rejection from the **102,572 - 103,591** area could push BTCUSD back toward the **green support zone** around **99,318**.
- Failure to hold this level may lead to further downside toward the **red demand zone** (96,215 - 96,450).
3. **Trendline Retest:**
- The ascending trendline is a key level for bullish momentum.
- A successful bounce off this trendline would confirm buyers are still in control.
---
### 5. **Summary and Recommendations**
- **Current Sentiment:** Slightly bullish as BTCUSD maintains higher lows and respects the ascending trendline.
- **Key Resistance:** **102,572 - 103,591** (blue zone).
- **Key Support:** **98,956 - 99,318** (green zone).
- **Bullish Trigger:** Breakout above **103,591**.
- **Bearish Trigger:** Break below **98,956**, leading to **96,215**.
Traders should monitor volume and price action near the blue resistance zone and ascending trendline for further confirmation.
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.