BTC → long term view
Updated
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let's dive into BTC.
Support and Demand (S&D) Zone:
Potential Bullish Scenario:
Summary
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let's dive into BTC.
Support and Demand (S&D) Zone:
- The S&D zone marked on the chart around the $49,500 level has acted as a strong support during the last downward movement.
- If the price retraces, this zone is likely to serve as a critical support area, potentially offering a buying opportunity.
Potential Bullish Scenario:
- If Bitcoin continues its upward momentum, it could test the upper wedge line, which is currently around the $70,000 mark.
- A breakout above this wedge could signal a significant bullish move, potentially leading to a new uptrend.
Summary
- Broadening Wedge Pattern: Indicates increasing volatility with higher highs and lower lows.
- Current Position: Bitcoin is moving towards the upper wedge line after bouncing from the lower wedge line.
- Support Zone: The S&D zone around $49,500 acts as critical support; a key level to watch if the price retraces.
- Bullish Scenario: Potential move toward $70,000 if the upward momentum continues and the upper wedge line is tested.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Note
the short term time frame perspective
Trade closed: target reached
#btc #btcusdt #btcusd
☄️ The target of the short-term time frame was touched
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