Short-Term Analysis BTC/USD
Local Minimum:
A significant local minimum was established at $91,203.67.
A buyer reaction from this zone brought the price back above the $93,000 level.
Current Range:
Over the last 50 days, Bitcoin has remained within the $92,000–$102,000 range.
This suggests ongoing consolidation, with market participants showing uncertainty about further direction.
Likely Movement:
In the near term, the price is expected to move toward the $96,350 and $98,200 resistance levels.
A breakout above these levels may signal a continuation of the upward trend, targeting higher resistance zones.
Invalidation Point:
A close below the $92,500 level would invalidate the bullish outlook.
This could lead to further declines, with potential targets closer to the lower end of the recent range or even new lows.
Technical Notes:
The falling wedge pattern visible on the chart suggests a potential bullish reversal if the price can sustain its upward momentum.
Key support levels: $93,640, $90,200, and $88,551.
Resistance to watch: $94,468, $96,350, and $98,200.
If the bullish scenario plays out, traders should look for confirmation on higher timeframes, along with an increase in trading volume to support the breakout.
This analysis is not to be considered as investment advice; it represents a personal opinion only.
