BTC → two possible scenarios
Updated
hello guys.
1. Price Action & Market Structure:
• Bitcoin has experienced a sharp drop, followed by a recovery within a bullish channel.
• The price is currently consolidating near the upper middle of the channel, which may indicate either a continuation of the upward trend or a potential reversal depending on how it interacts with key levels.
2. Key Levels:
• Scenario 1 Zone (~$59,400): This is a key support zone. If the price respects this zone and bounces off it, it could continue its upward trajectory, aiming for the $64,085.87 resistance level.
• Scenario 2 Zone (~$57,571.68): If the price fails to hold above Scenario 1 and drops below, this area could serve as the next significant support. A bounce from here might also propel the price upwards but with a lower likelihood of reaching the $64,085.87 target compared to Scenario 1.
3. Bullish Channel:
• The price has been moving within a rising channel, suggesting a controlled bullish trend. As long as the price remains within this channel, the bias remains bullish.
• The channel's upper boundary aligns with the $64,085.87 resistance level, which could be the ultimate target if the bullish momentum continues.
4. Scenarios:
• Scenario 1: The price pulls back slightly to the yellow support zone around $59,400, finds support, and then continues upwards towards the $64,085.87 resistance.
• Scenario 2: The price breaks below the first support zone and finds stronger support around $57,571.68, then attempts another move upwards, possibly back towards the channel or slightly below it.
Summary:
• Current Trend: Bitcoin is in a short-term bullish trend within a rising channel.
• Scenario 1: Support at ~$59,400 holds, leading to a potential rise towards the $64,085.87 resistance.
• Scenario 2: If support at $59,400 fails, look for support around $57,571.68, with potential upside but possibly less strength.
• Outlook: As long as the price remains within the channel, the overall trend remains bullish.
___________________________
✓✓✓ 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
1. Price Action & Market Structure:
• Bitcoin has experienced a sharp drop, followed by a recovery within a bullish channel.
• The price is currently consolidating near the upper middle of the channel, which may indicate either a continuation of the upward trend or a potential reversal depending on how it interacts with key levels.
2. Key Levels:
• Scenario 1 Zone (~$59,400): This is a key support zone. If the price respects this zone and bounces off it, it could continue its upward trajectory, aiming for the $64,085.87 resistance level.
• Scenario 2 Zone (~$57,571.68): If the price fails to hold above Scenario 1 and drops below, this area could serve as the next significant support. A bounce from here might also propel the price upwards but with a lower likelihood of reaching the $64,085.87 target compared to Scenario 1.
3. Bullish Channel:
• The price has been moving within a rising channel, suggesting a controlled bullish trend. As long as the price remains within this channel, the bias remains bullish.
• The channel's upper boundary aligns with the $64,085.87 resistance level, which could be the ultimate target if the bullish momentum continues.
4. Scenarios:
• Scenario 1: The price pulls back slightly to the yellow support zone around $59,400, finds support, and then continues upwards towards the $64,085.87 resistance.
• Scenario 2: The price breaks below the first support zone and finds stronger support around $57,571.68, then attempts another move upwards, possibly back towards the channel or slightly below it.
Summary:
• Current Trend: Bitcoin is in a short-term bullish trend within a rising channel.
• Scenario 1: Support at ~$59,400 holds, leading to a potential rise towards the $64,085.87 resistance.
• Scenario 2: If support at $59,400 fails, look for support around $57,571.68, with potential upside but possibly less strength.
• Outlook: As long as the price remains within the channel, the overall trend remains bullish.
___________________________
✓✓✓ 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
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telegram channel: t.me/melikatrader94
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