BTCUSD This chart is a Bitcoin (BTC/USD) analysis on the 4-hour timeframe, and it reflects a bullish breakout scenario. Let’s break down the structure:
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Current Status:
Price: $107,201
Change: +1,070 (+1.01%)
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Chart Structure & Key Zones:
Descending Wedge Formation:
Price has been trading within a falling wedge (a bullish reversal pattern), and has now broken out to the upside.
Key Resistance Zone (Light Blue Box):
Target area lies between $110,500 – $112,000, marked as the potential take-profit/supply zone.
Dotted Path Projection:
Implies a short-term bullish move continuing upward post-breakout, toward the blue resistance zone.
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Analysis & Interpretation:
Bullish Bias Confirmed:
The breakout from the wedge pattern adds strength to the bullish outlook.
Next Steps:
A retest of the breakout level (around $105,000–$106,000) may occur before continuation.
Upon successful retest or sustained momentum, the price could surge toward $112,000.
Resistance Reaction Expected:
Watch for selling pressure or reversal patterns near the blue zone.
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Summary:
Pattern: Falling Wedge (bullish breakout)
Immediate Support: ~$105,000
Immediate Resistance Target: $110,500–$112,000
Bias: Bullish continuation, with potential for mid-term profit-taking near the resistance zone.
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