Current Bitcoin (BTC) Market Analysis
Bitcoin is currently testing a significant resistance level within a Supply-Backed Resistance (SBR) zone. Based on the price action and chart structure, we are considering two primary scenarios.
Scenario 1: Bullish Breakout
· Condition: If Bitcoin decisively breaks above the resistance level of $113,354.08 with conviction.
· Action: We will wait for a successful retest of this level as new support.
· Trade: Enter a long position following the confirmed retest.
· Profit Target: $117,885.34
Scenario 2: Retest of Major Support
· Condition: If Bitcoin respects the $113,354.08 resistance level and rejects downward.
· Action: We anticipate a drop to retest the major daily (D1) support trendline, located between $110,225.0** and **$109,402.94.
· Trade: Look for a bullish reversal from this key support zone to enter a long position.
· Profit Target: $117,885.34
Chart Pattern Context:
The price is consolidating within a symmetrical triangle.A breakout from this pattern, supported by significant trading volume, would be a strong indicator that Bitcoin is poised to challenge a new all-time high.
Best of luck with your trading. Please feel free to ask if you have any questions.
