Months ago, I shared this Bitcoin (BTC/USDT) chart, outlining key levels, potential breakouts, and crucial support zones. Now that time has passed, it’s time to reflect on how the market has reacted and whether my predictions held up.
Support & Resistance Levels Held Strong
One of the most significant aspects of my analysis was the importance of the $100,000 psychological level. The price has been hovering around crucial zones, showing strong resistance just under six figures while respecting lower support areas.
The Consolidation Phase Was Key
The chart displayed a large accumulation and consolidation phase, where BTC traded within a range before breaking out. This played out similarly to past bull cycles, where extended sideways movements built up momentum before major moves.
Upside Targets Were Within Reach
While BTC has not yet hit the highest projected level of $131,799, it did get close to some of the intermediate targets, such as $108,420 and $118,441. This suggests that the trend remains bullish, but we may see some corrections before another leg up.
Potential Pullbacks to Watch
The projected support levels at $68,424 and $52,596 remain critical. If BTC experiences a correction, these levels could serve as major buying opportunities. The 200-day moving average (blue line) also continues to act as strong dynamic support.
What’s Next?
With BTC consolidating within a symmetrical triangle, a breakout could be imminent. Whether we see another push to new highs or a retracement first, the long-term trend remains intact.
Final Thoughts: Patience has been key in this market, and looking back on this chart confirms the importance of planning long-term. Did you follow a similar strategy, or were your targets different? Let me know your thoughts below!
Support & Resistance Levels Held Strong
One of the most significant aspects of my analysis was the importance of the $100,000 psychological level. The price has been hovering around crucial zones, showing strong resistance just under six figures while respecting lower support areas.
The Consolidation Phase Was Key
The chart displayed a large accumulation and consolidation phase, where BTC traded within a range before breaking out. This played out similarly to past bull cycles, where extended sideways movements built up momentum before major moves.
Upside Targets Were Within Reach
While BTC has not yet hit the highest projected level of $131,799, it did get close to some of the intermediate targets, such as $108,420 and $118,441. This suggests that the trend remains bullish, but we may see some corrections before another leg up.
Potential Pullbacks to Watch
The projected support levels at $68,424 and $52,596 remain critical. If BTC experiences a correction, these levels could serve as major buying opportunities. The 200-day moving average (blue line) also continues to act as strong dynamic support.
What’s Next?
With BTC consolidating within a symmetrical triangle, a breakout could be imminent. Whether we see another push to new highs or a retracement first, the long-term trend remains intact.
Final Thoughts: Patience has been key in this market, and looking back on this chart confirms the importance of planning long-term. Did you follow a similar strategy, or were your targets different? Let me know your thoughts below!
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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.
Related publications
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.